FxWirePro: Singapore dollar gains after employment data

• USD/SGD is currently trading around 1.3831 marks.
   
• It made intraday high at 1.3846 and low at 1.3825 levels.
   
• Intraday bias remains bearish for the moment.
   
• A daily close above 1.3842 will test key resistances at 1.3875, 1.3918, 1.3988, 1.4046, 1.4095, 1.4128, 1.4219, 1.4266, 1.4327, 1.4409 and 1.4506 levels respectively.
   
• Alternatively, a consistent close below 1.3842 will drag the parity down towards key supports at 1.3806/1.3776/1.3704/1.3631 levels respectively.
   
• Important to note here that 20D, 30D and 55D EMA heads down and confirms the bearish trend in a daily chart.
   
• Singapore Q1 final unemployment rate 2.2 pct vs preliminary 2.3 pct.
   
• Singapore Q1 total employment -6,800.
   
• Singapore Q1 redundancies total 4,000.

We prefer to go short on USD/SGD around 1.3835, stop loss 1.3875 and target of 1.3806/1.3776.