FxWirePro: Singapore dollar trade marginally higher ahead of retail sales data
USD/SGD is currently trading around 1.3630 marks. It made intraday high at 1.3649 and low at 1.3620 levels. Intraday bias remains slightly bearish till the time pair holds key resistance at 1.3640 mark. A daily close abo…
It made intraday high at 1.3649 and low at 1.3620 levels.
Intraday bias remains slightly bearish till the time pair holds key resistance at 1.3640 mark.
A daily close above 1.3640 will test key resistances at 1.3672 and 1.3740 marks respectively.
Alternatively, a consistent close below 1.3640 will drag the parity down towards key supports at 1.3599, 1.3570, 1.3522, 1.3490 and 1.3422 levels respectively.
Important to note here that 20D, 30D and 55D EMA heads up and confirms the bullish trend in a daily chart. Current downside movement is short term trend correction only.
Singapore will release retail sales data around 0500 GMT.
We prefer to take short position on USD/SGD only above 1.3650, stop loss at 1.3599 and target of 1.37/1.3740.
