FxWirePro: Singapore dollar slightly up on the back of higher than expected non – oil exports data

• USD/SGD is currently trading around 1.3749 marks.
   
• It made intraday high at 1.3763 and low at 1.3742 levels.
   
• Intraday bias remains slightly bearish till the time pair holds key resistance at 1.3801 mark.
   
• A daily close above 1.3801 will test key resistances at 1.3818, 1.3854 and 1.3905 levels respectively.
   
• Alternatively, a consistent close below 1.3758 will drag the parity down towards key supports at 1.3720/1.3692/1.3615/1.3570 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 term trend correction only.
   
• Singapore July 2018 Non - oil exports yy increase to 11.8 % (forecast 6.7 %) vs previous 0.8 % (revised from 1.1 %).
   
• Singapore July 2018 Non - oil exports mm increase to 4.3 % (forecast 0.2 %) vs previous -11.1 % (revised from -10.8 %).

We prefer to take long position on USD/SGD only above 1.3775, stop loss at 1.3735 and target of 1.3854.