FxWirePro: Singapore dollar trades marginally higher despite lower than expected non – oil exports data

• USD/SGD is currently trading around 1.3537 marks.
   
• It made intraday high at 1.3553 and low at 1.3532 levels.
   
• Intraday bias remains neutral till the time pair holds key resistance at 1.3565 mark.
   
• A daily close above 1.3565 will test key resistances at 1.3590, 1.3615 and 1.3672 marks respectively.
   
• Alternatively, a consistent close below 1.3515 will drag the parity down towards key supports at 1.3490, 1.3422, 1.3378 and 1.3315 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 Mar 2019 non - oil exports yy decrease to -11.7 % (forecast -2.1 %) vs previous 4.8 % (revised from 4.9 %).
   
• Singapore Mar 2019 non - oil exports mm decrease to -14.3 % (forecast -7.1 %) vs previous. 16 %

We prefer to take short position on USD/SGD only below 1.3515, stop loss at 1.3550 and target of 1.3490/1.3455.