FxWirePro: Singapore dollar trade marginally lower as GDP data misses expectations

• USD/SGD is currently trading around 1.4508 marks.
   
• It made intraday high at 1.4509 and low at 1.4469 levels.
   
• Intraday bias remains bullish till the time pair holds key support at 1.4444 mark.
   
• A daily close above 1.4520 will test key resistances at 1.4542, 1.4606, 1.47, 1.4762, 1.4818 and 1.4850 marks respectively.
   
• Alternatively, a consistent close below 1.4461 will drag the parity down towards key supports at 1.4383, 1.4210, 1.4174, 1.4102, 1.4044, 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 GDP q/q stands at -10.6 pct vs 0.6 pct previous release (expected -6.3 pct).
   
• Singapore’s GDP y/y stands at -2.2 pct vs 1.0 pct previous release (expected -1.5 pct).

We prefer to take long position on USD/SGD around 1.4500, stop loss 1.4440 and target of 1.4542/1.4606.