FxWirePro: Singapore dollar trades almost flat after CPI data

• USD/SGD is currently trading around 1.3994 marks.
   
• It made intraday high at 1.4009 and low at 1.3977 levels.
   
• Intraday bias remains neutral till the time pair holds key support at 1.3994 marks.
   
• A daily close above 1.3980 will test key resistances at 1.4028, 1.4064, 1.4090, 1.4160, 1.4219, 1.4266, 1.4327, 1.4409, 1.4506, 1.4568, 1.4686 and 1.4851 levels respectively.
   
• Alternatively, a consistent close below 1.3980 will drag the parity down towards key supports at 1.3955/1.3920/1.3851/1.3775/1.3704/1.3646 levels respectively.
   
• Important to note here that 20D, 30D and 55D EMA heads down and confirms the bearish trend in a daily chart. Current upside movement is short term trend correction only.
   
• Singapore’s February all-items consumer price index +0.7 pct y/y; poll +0.7 pct.
   
• Singapore’s February core inflation measure +1.2 pct y/y; poll +1.2 pct.

We prefer to take short position in USD/SGD only below 1.3980, stop loss 1.4028 and target of 1.3955/1.3920/1.3851.