FxWirePro: Singapore dollar trades marginally lower despite robust non- oil exports, trade balance data

• USD/SGD is currently trading around 1.3762 marks.
   
• It made intraday high at 1.3770 and low at 1.3752 levels.
   
• Intraday bias remains slightly bullish till the time pair holds key support at 1.3720 mark.
   
• A daily close above 1.3752 will test key resistances at 1.3857, 1.3913, 1.3945, 1.3984 and 1.4012 marks respectively.
   
• Alternatively, a consistent close below 1.3733 will drag the parity down towards key supports at 1.3667, 1.3622 and 1.3580 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 non-oil exports m/m stands at 6.7 pct vs 3.5 pct previous release.
   
• Singapore non – oil exports y/y stands at -8.9 pct vs -11.40 pct previous release.
   
• Singapore trade balance at 3.790B vs 2.830B previous release.

We prefer to take short position on USD/SGD only below 1.3752, stop loss at 1.3790 and target of 1.3720/1.3668.