FxWirePro: USD/SGD breaks key support at 1.3772, Singapore’s industrial production data in focus
USD/SGD is currently trading around 1.3772 marks. It made intraday high at 1.3788 and low at 1.3750 levels. Intraday bias remains bearish till the time pair holds key resistance at 1.3823 levels. A daily close below 1.37…
It made intraday high at 1.3788 and low at 1.3750 levels.
Intraday bias remains bearish till the time pair holds key resistance at 1.3823 levels.
A daily close below 1.3772 will drag the parity down towards key supports 1.3628 (55D EMA) /1.3548/1.3420 (April 13, 2016 low) /1.3357 (April 20, 2016 low) /1.3318/1.3302 levels.
Alternatively, a sustained close above 1.3823 tests key resistances at 1.3851(March 16, 2016 high), 1.4073 (20D EMA) and 1.4132(20D, 30D and 55D EMA crossover).
Today, Singapore will release Manufacturing output data at 0500 GMT. Market anticipates a fall of 0.8% m/m vs 1.0% m/m previous release.
We prefer to take short position in USD/SGD around 1.3780, stop loss 1.3823 and target 1.3628 marks.
