FxWirePro: Singapore dollar appreciates in early hours of Asia ahead of CPI, manufacturing output data

• USD/SGD is currently trading around 1.4452 marks.
   
• It made intraday high at 1.4512 and low at 1.4427 levels.
   
• Intraday bias remains bearish till the time pair holds key resistance at 1.4517marks.
   
• A sustained close above 1.4509 will test key resistances at 1.4568, 1.4686 and 1.4851 levels respectively.
   
• Alternatively, a consistent close below 1.4509 will drag the parity down towards key supports at 1.4410/1.4357/1.4219/1.4150/1.4046/1.3972/1.3819/1.3775/1.3704/1.3646 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 will release CPI, core CPI and manufacturing output data at 0500 GMT.

We prefer to go short on USD/SGD around 1.4455, stop loss at 1.4517 and target of 1.4410/1.4357.