FxWirePro: Singapore dollar trades marginally lower after trade balance data

• USD/SGD is currently trading around 1.3555 marks.
   
• It made intraday high at 1.3561 and low at 1.3546 levels.
   
• Intraday bias remains bullish till the time pair holds key support at 1.3537 mark.
   
• A daily close above 1.3548 will test key resistances at 1.3570, 1.3590, 1.3637, 1.3670, 1.3706, 1.3770 and 1.3790 marks respectively.
   
• Alternatively, a consistent close below 1.3537 will drag the parity down towards key supports at 1.3490, 1.3447 and 1.3387 levels respectively.
   
• Important to note here that 20D, 30D and 55D EMA heads down and confirms the bearish trend in a daily chart. Current upside movement is short term trend correction only.
   
• Singapore’s trade balance stands at 3.690B vs 3.780B previous release.
   
• Singapore’s Non – oil exports m/m stands at 5.8 pct vs -3.10 pct previous release (expected 4.20 pct).

We prefer to take long position on USD/SGD only above 1.3570, stop loss at 1.3530 and target of 1.3637.