FxWirePro: Singapore dollar marginally higher against U.S. dollar after Singapore’s non-oil domestic exports data

• USD/SGD is currently trading around 1.4294 marks.
   
• It made intraday high at 1.4303 and low at 1.4276 levels.
   
• Intraday bias remains neutral till the time pair holds key resistance at 1.4310 mark.  
   
• A daily close above 1.4303 will test key resistances at 1.4409, 1.4506, 1.4568, 1.4686 and 1.4851 levels respectively.
   
• Alternatively, a consistent close below 1.4303 will drag the parity down towards key supports at 1.4216/1.4150/1.4046/1.3972/1.3819/1.3775/1.3704/1.3646 levels respectively.
   
• Important to note here that 20D, 30D and 55D EMA heads up and confirms the bullish trend in a daily chart. Current downside movement is short trend correction only.
   
• Singapore’s December non-oil domestic exports +9.4 pct from year earlier; (poll +5.8 pct).
   
• Singapore’s December non-oil domestic exports +1.0 pct m/m after seasonal adjustment; (poll -5.5 pct).
   
• Singapore’s December domestic exports of electronics +5.7 pct from year earlier.

We prefer to take short position in USD/SGD around 1.4296, stop loss 1.4310 and target of 1.4216.