FxWirePro: Singapore dollar remains volatile after Central banks’s statements, GDP data
USD/SGD is currently trading around 1.3560 marks. It made intraday high at 1.3580 and low at 1.3555 levels. Intraday bias remains bullish till the time pair holds key support at 1.3538 mark. A daily close above 1.3562 wi…
It made intraday high at 1.3580 and low at 1.3555 levels.
Intraday bias remains bullish till the time pair holds key support at 1.3538 mark.
A daily close above 1.3562 will test key resistances at 1.3590, 1.3615 and 1.3672 marks respectively.
Alternatively, a consistent close below 1.3562 will drag the parity down towards key supports at 1.3538, 1.3490, 1.3422, 1.3378 and 1.3315 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 2019 GDP flash qq increase to 2 % (forecast 1.2 %) vs previous 1.4 %.
Singapore Q1 2019 GDP advance yy decrease to 1.3 % (forecast 1.5 %) vs previous 1.9 %.
MAS says Singapore's GDP growth is expected to come in slightly below mid-point of 1.5-3.5% forecast range in 2019.
Singapore Central bank - MAS will therefore maintain the current rate of appreciation of the S$neer policy band.
We prefer to take long position on USD/SGD around 1.3560, stop loss at 1.3522 and target of 1.3590.
