Monday, December 29, 2014
New Signal USD/SGD
*Trade Update as of 01/02/2015 @ 8:39 EST: The Global Currency Scalper has liquidated its USD/SGD position with a gain o 12.8 Pips. We initially went long at new year highs which is risky enough, the pair did not run too hard to the upside and we have manufacturing data coming out at 10:00 EST. We prefer to book the profits and move to cash for the weekend.
As of 12/29/2014 @ 21:19 EST
We have identified USD/SGD as a long trade potential with significant upside potential. On the daily chart above you can clearly see this pair is in an uptrend. We traded it earlier this month after a bounce off the 23.6% Fibonacci level. Further research will show USD/SGD is preparing to make a multi-year high if it can take out the 1.32539 level. Taking a look at the monthly chart below you will see this pair has made a significant move off the low set in 2011 and has proceeded to make higher highs while basing. Again sighting the 1.32539 level, if this barrier can be taken out on the monthly chart there is a clear path to 1.34470.
The Global Currency Scalper will be buyers of USD/SGD if prices can take out 1.32700 and will be targeting the figure of 1.33000, then 1.33450 and eventually the 1.34470 level stated above. We suggest taking profits at any level on the way up, all price action and fundamentals are indicating these levels can be reached. We will be placing our stop at 1.31800, if this level is breached before a position can be initiated then the Global Currency Scalper will change its view on this pair to neutral.