FxWirePro: USD/SGD hits fresh 2-month low at 1.4112 mark, Singapore’s manufacturing production data in focus
USD/SGD is currently trading around 1.4144 marks. It made intraday high at 1.4145 and low at 1.4112 levels. Intraday bias remains slightly bearish till the time pair holds key resistance at 1.4217 mark. A daily close abo…
It made intraday high at 1.4145 and low at 1.4112 levels.
Intraday bias remains slightly bearish till the time pair holds key resistance at 1.4217 mark.
A daily close above 1.4130 will test key resistances at 1.4217, 1.4260, 1.4311, 1.4409, 1.4506, 1.4568, 1.4686 and 1.4851 levels respectively.
Alternatively, a consistent close below 1.4130 will drag the parity down towards key supports at 1.4112/1.4046/1.3972/1.3819/1.3775/1.3704/1.3646 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 trend correction only.
Singapore will release manufacturing production data at 0500 GMT.
Singapore Q4 private home prices -0.5 pct q/q; vs flash estimate of -0.4 pct.
We prefer to take short position in USD/SGD around 1.4150, stop loss 1.4217 and target of 1.4112/1.4046.
