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 1.450…
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.
