FxWirePro: Singapore dollar strengthens against U.S. dollar, stay bearish

• USD/SGD is currently trading around 1.3942 marks.
   
• It made intraday high at 1.3959 and low at 1.3936 levels.
   
• Intraday bias remains bearish till the time pair holds key resistance at 1.3988 marks. 
   
• A daily close above 1.3950 will test key resistances at 1.3988, 1.4046, 1.4095, 1.4128, 1.4219, 1.4266, 1.4327, 1.4409 and 1.4506 levels respectively.
   
• Alternatively, a consistent close below 1.3950 will drag the parity down towards key supports at 1.3919/1.3851/1.3775/1.3704/1.3646 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 April domestic exports of electronics +4.8 pct from year earlier.


• Singapore’s April non-oil domestic exports -9.0 pct m/m after seasonal adjustment; poll -4.1 pct.

We prefer to take short position in USD/SGD around 1.3950, stop loss 1.3988 and target of 1.3908.