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USD/SGD: Buyers protect 1.27 ahead of Singaporean Q3 GDP

FXStreet (Bali) - USD/SGD is trading just above 1.27 ahead of the advance Q3 GDP, with forecasts of 2.8% YoY, 1.8% QoQ vs 2.4% and 0.1% in Q2.

The Singapore Dollar, which has been depreciating gradually against the US Dollar since the late July USD rally began, found strong selling interest above 1.28, leading to a 4-day loss streak that ma have set the stage for a potential daily structural change, potentially benefiting the Singaporean Dollar for further gains ahead (lower pair), although much of the USD/SGD performance today will be determined by the GDP figures.

Technically, when analyzing exotic pairs with limited liquidity, a daily assessment is generally a more sensible approach in order to project possible future flows. We can see that 1.28 represents a major flip zone dating back to 2010m with breaks to the upside ephemeral followed by sharp rejections, with the exception of H2 1011 period. The same topping pattern has taken hold now, with bears now in need to regain the downside of an ascending 20-day EMA to seek lower levels of liquidity. A break and close below 1.27 would pave the way for a potential test of 1.2630/40 (100-day EMA), while only a decisive break of 1.28 should see the bear case negated and bulls back in full control.

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