FxWirePro: Singapore dollar hits fresh 10-month low despite higher than expected GDP data

• USD/SGD is currently trading around 1.4338 marks.
   
• It made intraday high at 1.4346 and low at 1.4315 levels.
   
• Intraday bias remains bullish till the time pair holds key support at 1.4201 marks.
   
• A sustained close above 1.4319 will test key resistances at 1.4443, 1.4481 and 1.4556 levels respectively.
   
• Alternatively, a consistent close below 1.4201 will drag the parity down towards key supports at 1.4128/1.4046/1.3972/1.3819/1.3775/1.3704/1.3646/1.3587/1.3510/1.3462/1.3391/1.3347/1.3313/1.3302/ 1.3271 levels.
   
• Important to note here that 20D, 30D and 55D EMA heads up and confirms the bullish trend in a daily chart.
   
• Singapore’s Q3 final GDP -2.0 pct q/q at annualised, seasonally adjusted rate (poll: -2.5 pct).
   
• Singapore’s Q3 final GDP +1.1 pct y/y (poll: +1.0 pct).
   
• Singapore’s Q3 manufacturing -9.1 pct q/q vs advance estimate -17.4 pct.
   
• Singapore’s Q3 services -1.3 pct q/q vs advance estimate -1.9 pct.
   
• Singapore’s Q3 construction -0.8 pct q/q vs advance estimate +0.5 pct.

We prefer to go long on USD/SGD around 1.4318 with stop loss at 1.4201 and target of 1.4443.