FxWirePro: Singapore dollar strengthens in early as GDP data meets expectations
USD/SGD is currently trading around 1.3215 marks. It made intraday high at 1.3235 and low at 1.3207 levels. Intraday bias remains slightly bearish till the time pair holds key resistance at 1.3250 marks. A daily close ab…
It made intraday high at 1.3235 and low at 1.3207 levels.
Intraday bias remains slightly bearish till the time pair holds key resistance at 1.3250 marks.
A daily close above 1.3227 will test key resistances at 1.3290, 1.3340, 1.3438 and 1.3532 levels respectively.
Alternatively, a consistent close below 1.3227 will drag the parity down towards key support at 1.3168/1.3080/1.3005/1.2855/1.2754 levels respectively.
Important to note here that 20D, 30D and 55D EMA heads down and confirms the bearish trend in a daily chart.
Singapore Q4 GDP final y/y decrease to 3.6 % (forecast 2.9 %) vs previous 11.2 % (revised from 3.1 %).
Singapore Q4 GDP final q/q decrease to 2.1 % (forecast 2 %) vs previous 5.5 % (revised from 2.8 %).
We prefer to take short position on USD/SGD around 1.3218, stop loss at 1.3250 and target of 1.3080.
