FxWirePro: Singapore dollar appreciates on the back of higher than expected non-oil exports figures
USD/SGD is currently trading around 1.3382 marks. It made intraday high at 1.3409 and low at 1.3373 levels. Intraday bias remains bearish till the time pair holds key resistance at 1.3456 mark. A daily close above 1.3405…
It made intraday high at 1.3409 and low at 1.3373 levels.
Intraday bias remains bearish till the time pair holds key resistance at 1.3456 mark.
A daily close above 1.3405 will test key resistances at 1.3456, 1.3482, 1.3532 and 1.3587 levels respectively.
Alternatively, a consistent close below 1.3405 will drag the parity down towards key support at 1.3370/1.3311/1.3255/1.3218/1.3150/1.3076/1.3005 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 April non-oil exports m/m increase to 6.5 % (forecast -0.2 %) vs previous -2.2 % (revised from -1.8 %).
Singapore April non-oil exports y/y increase to 11.8 % (forecast 5.4 %) vs previous -3.2 % (revised from -2.7 %).
We prefer to take short position on USD/SGD only below 1.3370, stop loss 1.3400 and target of 1.3310/1.3255.
