FxWirePro: Singapore dollar strengthens in early Asia ahead of retail sales data

• USD/SGD is currently trading around 1.3562 marks.
   
• It made intraday high at 1.3573 and low at 1.3558 levels.
   
• Intraday bias remains bearish till the time pair holds key resistance at 1.3590 mark.
   
• A daily close above 1.3572 will test key resistances at 1.3637, 1.3670, 1.3706, 1.3770, 1.3790, 1.3827, 1.3913, 1.3945, 1.3984 and 1.4012 marks respectively.
   
• Alternatively, a consistent close below 1.3572 will drag the parity down towards key supports at 1.3522, 1.3490, 1.3447 and 1.3387 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 unemployment rate remains unchanged at 2.3 pct.
   
• Singapore will release retail sales data around 0500 GMT.

We prefer to take short position on USD/SGD around 1.3565, stop loss at 1.3590 and target of 1.3522/1.3490.