FxWirePro: Singapore dollar falls on the back of lower than expected GDP data
USD/SGD is currently trading around 1.3767 marks. It made intraday high at 1.3768 and low at 1.3735 levels. Intraday bias remains slightly bullish for the moment. A daily close above 1.3740 will test key resistances at 1…
It made intraday high at 1.3768 and low at 1.3735 levels.
Intraday bias remains slightly bullish for the moment.
A daily close above 1.3740 will test key resistances at 1.3788, 1.3822, 1.3949, 1.4046, 1.4095, 1.4128, 1.4219, 1.4266, 1.4327, 1.4409 and 1.4506 levels respectively.
Alternatively, a consistent close below 1.3740 will drag the parity down towards key supports at 1.3708/1.3631 levels respectively.
Important to note here that 20D, 30D and 55D EMA heads down and confirms the bearish trend in a daily chart.
Singapore Q2 GDP +0.4 pct q/q annualised and seasonally adjusted; poll +1.1 pct.
Singapore Q2 GDP +2.5 pct from year ago; poll +2.8 pct.
We prefer to take long position in USD/SGD only above 1.3788, stop loss at 1.3740 and target of 1.3855.
