FxWirePro: Singapore dollar strengthens on robust non - oil exports data, bias remains bearish

• USD/SGD is currently trading around 1.3132 marks.
   
• It made intraday high at 1.3154 and low at 1.3130 levels.
   
• Intraday bias remains bearish till the time pair holds key resistance at 1.3254 marks.
   
• A daily close above 1.3140 will test key resistances at 1.3254, 1.3290, 1.3340, 1.3438 and 1.3532 levels respectively.
   
• Alternatively, a consistent close below 1.3140 will drag the parity down towards key support at 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 Jan non - oil exports y/y increase to 13 % (forecast 9 %) vs previous 3.1 %
   
• Singapore Jan non - oil exports m/m increase to -0.3 % vs previous -1.9 % (revised from -5 %).

We prefer to take short position on USD/SGD around 1.3140, stop loss at 1.3220 and target of 1.3080.

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