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- USD/SGD is currently trading around 1.3470 marks.
- It made intraday high at 1.3480 and low at 1.3457 levels.
- Intraday bias remains bullish till the time pair holds key support at 1.3450 marks.
- A daily close below 1.3432 will drag the parity down towards key supports at 1.3357 (April 20, 2016 low)/1.3318/1.3302/ 1.3271 levels.
- Alternatively, a sustained close above 1.3538 will tests key resistances at 1.3646, 1.3799, 1.3836, 1.3851(March 16, 2016 high), 1.4073 (20D EMA) and 1.4132(20D, 30D and 55D EMA crossover).
- Singapore’s Q2 GDP +0.8 pct q/q annualised and seasonally adjusted; Reuters poll +0.9 pct.
- Singapore’s Q2 GDP +2.2 pct from year ago; Reuters poll +2.2 pct.
- Important to note here that, 20D, 30D and 55D EMA heads down and confirm the bearish trend. Current upside movement is short term trend correction only.
We prefer to take long position in USD/SGD only above 1.3496, stop loss 1.3432 and target 1.3538/ 1.3646 marks.
