FxWirePro: Singapore dollar rises on robust non-oil exports data

• USD/SGD is currently trading around 1.3095 marks.
   
• It made intraday high at 1.3103 and low at 1.3092 levels.
   
• Intraday bias remains bearish till the time pair holds key resistance at 1.3132 mark.
   
• A daily close above 1.3160 will test key resistances at 1.3202, 1.3232, 1.3285, 1.3340, 1.3438 and 1.3532 levels respectively.
   
• Alternatively, a consistent close below 1.3072 will drag the parity down towards key support at 1.3005/1.2855/1.2754 levels respectively.
   
• Important to note here that 20D, 30D and 55D EMA heads down and confirms the bearish trend in a daily chart.
   
• Singapore March non-oil exports y/y increase to -2.7 % (forecast 0.2 %) vs previous -6 % (revised from -5.9 %).
   
• Singapore Mar non-oil exports m/m increase to -1.8 % vs previous -2.7 % (revised from -2.6 %).

We prefer to take short position on USD/SGD only below 1.3072, stop loss at 1.3132 and target of 1.3005.

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