FxWirePro: Singapore dollar appreciates in early Asia after GDP data, stay bearish

• USD/SGD is currently trading around 1.3744 marks.
   
• It made intraday high at 1.3768 and low at 1.3737 levels.
   
• Intraday bias remains bearish till the time pair holds key resistance 1.3840 marks.
   
• A daily close above 1.3764 will test key resistances at 1.3840, 1.3872, 1.3905 and 1.3948 levels respectively.
   
• Alternatively, a consistent close below 1.3764 will drag the parity down towards key supports at 1.3790/1.3738/1.3690/1.3654/1.3620/1.3570/1.3510/1.3450 levels respectively.
   
• Important to note here that 20D, 30D and 55D EMA heads up and confirms the bullish trend in a daily chart. Current downside movement is short term trend correction only.
   
• Singapore Q3 2018 GDP flash qq increase to 4.7 % (forecast 4.9 %) vs previous 1.2 % (revised from 0.6 %).
   
• Singapore Q3 2018 GDP advance yy decrease to 2.6 % (forecast 2.5 %) vs previous 4.1 % (revised from 3.9 %).

We prefer to take short position on USD/SGD around 1.3755, stop loss at 1.3810 and target of 1.3654.