FxWirePro: Singapore dollar strengthens in early Asia after GDP data

• USD/SGD is currently trading around 1.3703 marks.
   
• It made intraday high at 1.3736 and low at 1.3677 levels.
   
• Intraday bias remains bearish till the time pair holds key resistance at 1.3770 mark.
   
• A daily close above 1.3731 will test key resistances at 1.3770, 1.3790, 1.3827, 1.3913, 1.3945, 1.3984 and 1.4012 marks respectively.
   
• Alternatively, a consistent close below 1.3731 will drag the parity down towards key supports at 1.3667, 1.3622 and 1.3580 levels respectively.
   
• Important to note here that 20D, 30D and 55D EMA heads up and confirms the bullish trend in a daily chart.
   
• Singapore GDP y/y stands at 0.1 pct vs 0.1 pct previous release (expected 0.2).
   
• Singapore GDP q/q stands at 0.6 pct vs -2.7 pct previous release (expected 1.5).

We prefer to take short position on USD/SGD around 1.3710, stop loss at 1.3740 and target of 1.3667/1.3622.