FxWirePro: Singapore dollar strengthens on robust GDP data

• USD/SGD is currently trading around 1.3474 marks.
   
• It made intraday high at 1.3479 and low at 1.3461 levels.
   
• Intraday bias remains bearish till the time pair holds key resistance at 1.3550 mark.
   
• A daily close above 1.3470 will test key resistances at 1.3550, 1.3602, 1.3652, 1.3715, 1.3768, 1.3822, 1.3949, 1.4046, 1.4095, 1.4128, 1.4219 and 1.4310 levels respectively.
   
• Alternatively, a consistent close below 1.3470 will drag the parity down towards key supports at 1.3460/1.3418/1.3346/1.3217/1.3164/1.3005 levels respectively.
   
• Important to note here that 20D, 30D and 55D EMA heads down and confirms the bearish trend in a daily chart.
   
• Singapore Q3 GDP +8.8 pct q/q at annualised, seasonally adjusted rate (poll +7.4 pct).
   
• Singapore Q3 GDP +5.2 pct y/y (poll +5.0 pct).

We prefer to take short position in USD/SGD around 1.3480, stop loss 1.3550 and target of  1.3418.

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