FxWirePro: Singapore dollar strengthens on robust GDP data

• USD/SGD is currently trading around 1.3753 marks.
   
• It made intraday high at 1.3767 and low at 1.3750 levels.
   
• Intraday bias remains bearish till the time pair holds key resistance at 1.3780 marks.
   
• A daily close above 1.3778 will test key resistances at 1.3813, 1.3854 and 1.3945 marks respectively.
   
• Alternatively, a consistent close below 1.3765 will drag the parity down towards key supports at 1.3720, 1.3690, 1.3650, 1.3625, 1.3599 and 1.3570 levels respectively.
   
• Important to note here that 20D, 30D and 55D EMA heads up and confirms the bullish trend in a daily chart.
   
• Singapore Q1 2019 GDP final q/q increase to 3.8 % (forecast 2.3 %) vs previous 2 %.
   
• Singapore Q1 2019 GDP final yy decrease to 1.2 % (forecast 1.5 %) vs previous 1.3 %.
   

We prefer to take long position on USD/SGD around 1.3740, stop loss at 1.3720 and target of 1.3780/1.3854.