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U.S. Dollar May Have Room To Run Against The Singapore Dollar

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.

Disclosure: The author has no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.

Additional disclosure: The Global Currency Scalper may initiate a position within the next 72 hours.