FxWirePro: Singapore dollar depreciates in early hours of Asia despite robust GDP data

• USD/SGD is currently trading around 1.4478 marks.
   
• It made intraday high at 1.4518 and low at 1.4468 levels.
   
• Intraday bias remains neutral till the time pair holds key resistance at 1.4505 marks.
   
• A daily close above 1.4505 will test key resistances at 1.4568, 1.4686 and 1.4851 levels respectively.
   
• Alternatively, a consistent close below 1.4468 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 Q4 GDP +9.1 pct qtr/qtr annualised and seasonally adjusted (poll +3.7 pct).
   
• Singapore Q4 GDP +1.8 pct yr/yr (poll +0.6 pct).
   
• Singapore Q4 manufacturing +14.6 pct qtr/qtr annualised and seasonally adjusted.
   
• Singapore Q4 services +9.4 pct qtr/qtr annualised and seasonally adjusted.

We prefer to go short on USD/SGD around 1.4485, stop loss at 1.4537 and target of 1.4410/1.4357.