The number of Americans filing new claims for unemployment benefits fell sharply last week to the lowest level in almost seven years, which could bolster views of an acceleration in job growth after a cold winter dampened hiring. Initial claims for state unemployment benefits dropped 32,000 to a seasonally adjusted 300,000 for the week ended April 5, the lowest level since May 2007, the Labor Department said on Thursday. The claims report showed the number of people still receiving benefits after an initial week of aid fell 62,000 to 2.78 million during the week ended March 29. That was the lowest level since January 2008.
Overview-
When I looked at several triangles in USD pairs some were completed and some may be truncated. So I truncated it for the SGD in October and we did get a rally, But that move did not go past the upper line and now the failure is best judged as an incomplete triangle. The SGD is getting stronger and the pair may continue lower to the triangle line at 1.233 levels before a final bottom.
In the daily chart, the RSI is giving a buy signal. The pair made a lower lows formation within last two trading days, we expect the level of 1.2426 is the support for a couple of days, below that, 1.2401 (double bottom) and 1.2398 (a September 19, 2013 low). So it gives a relief rally towards 1.25, 1.2560, and 1.2575, above 1.2575, it will push towards 1.2622 levels.
Intraday basis-
The pair is facing resistance at 1.2477. We recommend to buy this pair above the 1.2477 levels for the 1.25 immediate target. Once the pair crosses the 1.25 levels, it will extend its leg towards 1.2560 and 1.2575 intraday and btst. If the pair is unable to cross the the 1.2477 levels, it will come back again to gain some more strength at lower levels between 1.2426-1.24-1.2398 or in the last case 1.233 levels. Traders can enter longs above 1.2477 or at lower levels for short-term gain up to 1.26 levels. In the H4 chart, RSI is favoring my short-term buy call.
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