Friday, July 8, 2011
Singapore dollar has been appreciating against the US Dollars for the last couple of months. With the US facing its debt ceiling call again next month, sometime in 03 Aug 2011, it is likely the US dollars will further depreciate against asians currencies.
Based on the daily ichimoku charting of USD/SGD, there were three attempts where the USD/SGD aimed to break through the cloud. All three attempt failed.
The price action is bearish. Tenkan-sen has cut the Kijun-sen. Chikou-span is below the price 26 periods ago. The cloud has also turned negative on 24-5 June 2011.