FxWirePro: Singapore dollar strengthens on robust non – oil exports, trade balance data

• USD/SGD is currently trading around 1.4237 marks.
   
• It made intraday high at 1.4278 and low at 1.4213 levels.
   
• Intraday bias remains bearish till the time pair holds key resistance at 1.4290 mark.
   
• A daily close above 1.4290 will test key resistances at 1.4326, 1.4360, 1.4542, 1.4606, 1.47, 1.4762, 1.4818 and 1.4850 marks respectively.
   
• Alternatively, a consistent close below 1.4236 will drag the parity down towards key supports at 1.4182, 1.4150, 1.4097, 1.4062, 1.3938 and 1.3870 levels respectively.
   
• Important to note here that 20D, 30D and 55D EMA heads up and confirms the bullish trend in a daily chart.
   
• Singapore’s non – oil export m/m data stands at 12.8 pct vs -4.7 pct previous (expected -3.8 pct).
   
• Singapore’s trade balance stands at 3.180B vs 1.090B previous release.

We prefer to take short position on USD/SGD around 1.4240, stop loss at 1.4280 and target of 1.4150.