The Singapore Exchange (SGX) authorities have preliminary agreed to buy the Australian stock marketplace called Australian Securities Exchange (ASX).
If there is a deal it will lead to a merger with $12.3B capitalization, becoming number 2 on the list of biggest Asian marketplaces and yielding only to the Hong Kong Stock Exchange with $24B of capital.
Meanwhile, as the result of Friday’s morning session, USDSGD is moving within a flat of level H4, inside of which the price has formed a downward H2 wave.
The Department of studying Masterforex-V trading system expects the Singapore dollar currency rate to follow one of these scenarios:
• On forming an upward H4 FZR*and coming out of the MF Sloping Channel the price will terminate wave C of level D1, which may be followed by the formation of wave 4 of the same level (up to 1.3481)
• On forming a downward H2 FZR* the price will start retracing against the bullish H4 wave. If there is a breakout of the 1.2891 low, the price will continue the 5th subwave inside wave C of level D1.
12:30 USA - Prelim GDP, GDP Price Index, Employment Cost Index
13:45 USA - Chicago PMI
13:55 USA - Michigan sentiment index
Support and Resistance levels:
1.3071 Н4 FZR
1.3056 88.2%
1.3042 76.4%
1.3024 61.8%
1.3009 50%
1.2982 the current price
1.2947 Н2 FZR
1.2922 88.2%, 123.6%
1.2903 Н8 FZR
1.2891 the historical low
1.2854 111.8% MN1, 123.6%, 176.4% Text: Alexander Bobrov, an expert of the Department of studying Masterforex-V trading system
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H4 FZR = Fractal-Zigzag Reversal of H4 level
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