FxWirePro: Singapore dollar strengthens on the back of higher than expected GDP data

• USD/SGD is currently trading around 1.3631 marks.
   
• It made intraday high at 1.3643 and low at 1.3621 levels.
   
• Intraday bias remains bearish till the time pair holds key resistance at 1.3654 mark.
   
• A daily close above 1.3638 will test key resistances at 1.3676, 1.3788, 1.3822, 1.3949, 1.4046, 1.4095, 1.4128, 1.4219 and 1.4310 levels respectively.
   
• Alternatively, a consistent close below 1.3638 will drag the parity down towards key supports at 1.3595/1.3545/1.3512/1.3435/1.3347 levels respectively.
   
• Important to note here that 20D, 30D and 55D EMA heads down and confirms the bearish trend in a daily chart.
   
• Singapore Q2 GDP +2.2 pct q/q at annualised, seasonally adjusted rate(poll +0.5 pct).
   
• Singapore Q2 GDP +2.9 pct y/y (poll +2.6 pct).
   
• Singapore Q2 manufacturing +2.9 pct q/q at annualised,
  seasonally adjusted rate.
   
• Singapore Q2 services +3.3 pct q/q at annualised, seasonally adjusted rate.
   
• Singapore will release retail sales data at 0500 GMT.

We prefer to take short position in USD/SGD around 1.3650, stop loss at 1.3709 and target of 1.3545.

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