FxWirePro: Singapore dollar trades marginally lower despite higher than expected GDP data
USD/SGD is currently trading around 1.3446 marks. It made intraday high at 1.3449 and low at 1.3420 levels. Intraday bias remains slightly bullish till the time pair holds key support at 1.3390 mark. A daily close above …
It made intraday high at 1.3449 and low at 1.3420 levels.
Intraday bias remains slightly bullish till the time pair holds key support at 1.3390 mark.
A daily close above 1.3433 will test key resistances at 1.3482, 1.3532 and 1.3587 levels respectively.
Alternatively, a consistent close below 1.3433 will drag the parity down towards key support at 1.3390/1.3350/1.3311/1.3255/1.3218 levels respectively.
Important to note here that 20D, 30D and 55D EMA heads up and confirms the bullish trend in a daily chart.
Singapore Q1 GDP final yy increase to 4.4 % (forecast 4.3 %) vs previous 4.3 %.
Singapore Q1 GDP final qq increase to 1.7 % (forecast 1.4 %) vs previous 1.4 %.
We prefer to take short position on USD/SGD around 1.3450, stop loss 1.3490 and target of 1.3390/1.3350.
