FxWirePro: Singapore dollar strengthens on the back of higher than expected non – oil exports, trade balance data

 

• USD/SGD is currently trading around 1.3875 marks.
   
• It made intraday high at 1.3894 and low at 1.3874 levels.
   
• Intraday bias remains bearish till the time pair holds key resistance at 1.3899 mark.
   
• A daily close above 1.3899 will test key resistances at 1.3945, 1.3984 and 1.4012 marks respectively.
   
• Alternatively, a consistent close below 1.3832 will drag the parity down towards key supports at 1.3794, 1.3754 and 1.3670 levels respectively.
   
• Important to note here that 20D, 30D and 55D EMA heads up and confirms the bullish trend in a daily chart.
   
• Singapore July non – oil exports m/m at 3.7 pct vs -7.8 pct previous release.
   
• Singapore July non – oil exports y/y at -11.20 pct vs -17.40 pct previous release.

We prefer to take short position on USD/SGD around 1.3880, stop loss at 1.3899 and target of 1.3832.