FxWirePro: Singapore dollar appreciates ahead of manufacturing output data

• USD/SGD is currently trading around 1.3122 marks.
   
• It made intraday high at 1.3155 and low at 1.3121 levels.
   
• Intraday bias remains bearish till the time pair holds key resistance at 1.3194 marks.
   
• A daily close above 1.3155 will test key resistances at 1.3192, 1.3232, 1.3285, 1.3340, 1.3438 and 1.3532 levels respectively.
   
• Alternatively, a consistent close below 1.3155 will drag the parity down towards key support at 1.3082/1.3057/1.3005/1.2855/1.2754 levels respectively.
   
• Important to note here that 20D, 30D and 55D EMA heads down and confirms the bearish trend in a daily chart.
   
• Singapore will release manufacturing output data at 0500 GMT.

We prefer to take short position on USD/SGD around 1.3128, stop loss at 1.3192 and target of 1.3005.

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