FxWirePro: Singapore dollar trades marginally higher ahead of retail sales data
USD/SGD is currently trading around 1.3856 marks. It made intraday high at 1.3877 and low at 1.3850 levels. Intraday bias remains slightly bearish for the moment. A daily close above 1.3895 will test key resistances at 1…
It made intraday high at 1.3877 and low at 1.3850 levels.
Intraday bias remains slightly bearish for the moment.
A daily close above 1.3895 will test key resistances at 1.3942, 1.3988 and 1.4050 marks respectively.
Alternatively, a consistent close below 1.3864 will drag the parity down towards key supports at 1.3852, 1.3790, 1.3748, 1.3702, 1.3643 and 1.3590 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 around 1.3860, stop loss 1.3880 and target of 1.3790.
