FxWirePro: Singapore dollar remains highly volatile after MAS decision, GDP data

• USD/SGD is currently trading around 1.3121 marks.
   
• It made intraday high at 1.3131 and low at 1.3082 levels.
   
• Intraday bias remains slightly bullish till the time pair holds key support at 1.3076 mark.
   
• A daily close above 1.3122 will test key resistances at 1.3168, 1.3202, 1.3232, 1.3285, 1.3340, 1.3438 and 1.3532 levels respectively.
   
• Alternatively, a consistent close below 1.3122 will drag the parity down towards key support at 1.3076/1.3052/1.3005/1.2855/1.2754 levels respectively.
   
• Important to note here that 20D, 30D and 55D EMA heads down and confirms the bearish trend in a daily chart.
   
• Singapore Q1 GDP advance y/y increase to 4.3 % (forecast 4.3 %) vs previous 3.6 %.
   
• Singapore Q1 GDP flash q/q decrease to 1.4 % (forecast 1 %) vs previous 2.1 %.
   
• MAS - Decided to increase slightly the slope of the S$ neer policy band, from zero pct previously.
   
• MAS - The width of the policy band and the level at which it is centred will be unchanged.
   
• Singapore Central bank says on the whole, GDP growth in 2018 should come in slightly above the middle of the forecast range of 1.5–3.5%.

We prefer to take long position on USD/SGD only above 1.3132, stop loss at 1.3076 and target of 1.3192/1.3232.

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