FxWirePro: Singapore dollar falls on the back of lower than expected GDP data

• USD/SGD is currently trading around 1.3582 marks.
   
• It made intraday high at 1.3589 and low at 1.3568 levels.
   
• Intraday bias remains slightly bullish till the time pair holds key support at 1.3550 marks.
   
• A daily close above 1.3615 will test key resistances at 1.3638, 1.3680, 1.3760, 1.3813, 1.3854 and 1.3945 marks respectively.
   
• Alternatively, a consistent close below 1.3550 will drag the parity down towards key supports at 1.3512, 1.3454, 1.3388 and 1.3320 levels respectively.
   
• Important to note here that 20D, 30D and 55D EMA heads down and confirms the bearish trend in a daily chart.
   
• Singapore GDP q/q at -3.4 pct vs 3.8 pct previous release.
   
• Singapore GDP y/y at 0.1 pct vs 1.1 pct previous release.
   
• Singapore will release retail sales data at 0500 GMT.

We prefer to take long position on USD/SGD only above 1.3590, stop loss at 1.3550 and target of 1.3680.