FxWirePro: Singapore dollar marginally higher on robust retail sales data
USD/SGD is currently trading around 1.4018 marks. It made intraday high at 1.4044 and low at 1.4012 levels. Intraday bias remains bearish till the time pair holds key resistance at 1.4077 marks. A daily close above 1.403…
It made intraday high at 1.4044 and low at 1.4012 levels.
Intraday bias remains bearish till the time pair holds key resistance at 1.4077 marks.
A daily close above 1.4037 will test key resistances at 1.4077, 1.4160, 1.4219, 1.4266, 1.4327, 1.4409, 1.4506, 1.4568, 1.4686 and 1.4851 levels respectively.
Alternatively, a consistent close below 1.4037 will drag the parity down towards key supports at 1.3985/1.3958/1.3851/1.3775/1.3704/1.3646 levels respectively.
Important to note here that 20D, 30D and 55D EMA heads down and confirms the bearish trend in a daily chart.
Singapore’s February total retail sales +2.3 pct m/m (previous -1.1 pct).
Singapore’s February total retail sales -2.5 pct y/y (previous 2.3 pct).
We prefer to take short position in USD/SGD around 1.4020, stop loss 1.4077 and target of 1.3950.
