The USDSGD has made an important upward movement on Friday, April 30th, breaking the high of the last day’s price action and with a strong bullish volume. The price is now being traded around 1.3305 and the price action already signs a higher low in the daily chart.
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From a technical point of view, the US Dollar seems to be ready to make a strong movement to the upside in the next few days and it could reach the 1.3500 level by the half of May. On this Monday, traders should pay special attention to the US ISM Manufacturing PMI due later. Since the last readings in the ISM PMI is steadily above 50, it means the US economy is in rapid growth and a higher than expected could bring more strength to the US Dollar against the Singapore Dollar in the short time.
