FxWirePro: Singapore dollar strengthens in early Asia on robust GDP, non – oil exports data

• USD/SGD is currently trading around 1.3904 marks.
   
• It made intraday high at 1.3923 and low at 1.3892 levels.
   
• Intraday bias remains bearish till the time pair holds key resistance at 1.3923 mark.
   
• A daily close above 1.3923 will test key resistances at 1.3942, 1.3988 and 1.4050 marks respectively.
   
• Alternatively, a consistent close below 1.3864 will drag the parity down towards key supports at 1.3852, 1.3790, 1.3748, 1.3702, 1.3643 and 1.3590 levels respectively.
   
• Important to note here that 20D, 30D and 55D EMA heads up and confirms the bullish trend in a daily chart. Current downside movement is short term trend correction only.
   
• Singapore’s GDP q/q stands at 0.6 pct vs 0.1 pct previous release (expected 0.1 pct).
   
• Singapore’s non – oil exports m/m stands 4.6 pct vs 1.00 pct previous release (expected -4.5 pct).

We prefer to take short position on USD/SGD around 1.3905, stop loss 1.3925 and target of 1.3852/1.3790.