Some activities going on around the resistance zone.
I started following SGD because I can relate to it, as it is my country. I recently read a report from Singapore Business Review that on the long term, SGD will strengthen against the USD. But for now, and for awhile, I believe USD will fall due to the recent rejection to tapering of the QE.
The below resistance line is not obvious because I drew it from looking at Weekly Candles. A Big Shadow seems to be forming on the Daily chart, suggesting that the trend will continue to going downwards.
Another thing I read about today is that the Australia Central bank feels that its currency is over-valued. They might be taking action to pull the value of their currency down against the USD, which is welcomed by their exporters. So on the long run, you might be seeing AUD finally falling after a long period of rise.
No comments:
Post a Comment