FxWirePro: Singapore dollar remains volatile as Fitch affirms Singapore’s rating at “AAA” with stable outlook

• USD/SGD is currently trading around 1.3794 marks.
   
• It made intraday high at 1.3809 and low at 1.3786 levels.
   
• Intraday bias remains neutral till the time pair holds key resistance at 1.3820 marks.
   
• A daily close above 1.3801 will test key resistances at 1.3820, 1.3854 and 1.3905 levels respectively.
   
• Alternatively, a consistent close below 1.3787 will drag the parity down towards key supports at 1.3746/1.3690/1.3652/1.3607/1.3570/1.3510/1.3450 levels respectively.
   
• Important to note here that 20D, 30D and 55D EMA heads up and confirms the bullish trend in a daily chart.
   
• Fitch says Singapore's 'AAA' rating reflects strong external balance sheet, which is supported by substantial current account surpluses, sound fiscal framework.
   
• Fitch says has a stable outlook on Singapore banking sector to reflect banks' strong fundamentals.
   
• Fitch says expects GDP to expand by 3.4% in 2018, forecasts GDP growth to stabilise at around 3.2% in 2019 and 2020.

We prefer to take long position on USD/SGD only above 1.3820, stop loss at 1.3740 and target of 1.3888.