FxWirePro: Singapore dollar trades marginally higher ahead of retail sales data

• USD/SGD is currently trading around 1.3151 marks.
   
• It made intraday high at 1.3169 and low at 1.3149 levels.
   
• Intraday bias remains slightly bearish till the time pair holds key resistance at 1.3200 mark.
   
• A daily close above 1.3167 will test key resistances at 1.3232, 1.3285, 1.3340, 1.3438 and 1.3532 levels respectively.
   
• Alternatively, a consistent close below 1.3167 will drag the parity down towards key support at 1.3138/1.3090/1.3005/1.2855/1.2754 levels respectively.

• Important to note here that 20D, 30D and 55D EMA heads down and confirms the bearish trend in a daily chart.
   
• Singapore will release retail sales data at 0500 GMT.

We prefer to take short position on USD/SGD only below 1.3138, stop loss at 1.3200 and target of 1.3005.

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