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

• USD/SGD is currently trading around 1.3692 marks.
   
• It made intraday high at 1.3708 and low at 1.3688 levels.
   
• Intraday bias remains slightly bearish till the time pair holds key resistance at 1.3732 mark.
   
• A daily close above 1.3732 will test key resistances at 1.3770, 1.3790, 1.3827, 1.3913, 1.3945, 1.3984 and 1.4012 marks respectively.
   
• Alternatively, a consistent close below 1.3694 will drag the parity down towards key supports at 1.3667, 1.3622 and 1.3580 levels respectively.
   
• Important to note here that 20D, 30D and 55D EMA heads down and confirms the bearish trend in a daily chart.
   
• Singapore non – oil exports m/m stands at -3.3 pct vs 6.7 pct previous release (expected -3.0).
   
• Singapore non – oil exports y/y stands at -8.1 pct vs -8.90 pct previous release (expected -7.0).
   
• Singapore trade balance stands at 3.830B vs 3.790B previous release.

We prefer to take short position on USD/SGD around 1.37, stop loss at 1.3732 and target of 1.3667/1.3622.