FxWirePro: USD/SGD hovers around 1.3480 mark, faces strong resistance at 1.3496

• USD/SGD is currently trading around 1.3472 marks.
   
• It made intraday high at 1.3488 and low at 1.3447 levels.
   
• Intraday bias remains neutral till the time pair holds key resistance at 1.3496 marks. 
   
• A daily close below 1.3420 will drag the parity down towards key supports at 1.3357 (April 20, 2016 low)/1.3318/1.3302/ 1.3271 levels.
   
• Alternatively, a sustained close above 1.3480 will tests key resistances at 1.3538, 1.3646, 1.3799, 1.3836, 1.3851(March 16, 2016 high), 1.4073 (20D EMA) and 1.4132(20D, 30D and 55D EMA crossover).
   
• Important to note here that, 20D, 30D and 55D EMA heads down and confirm the bearish trend. Current upside movement is short term trend correction only.
   
• Singapore’s June non-oil domestic exports -2.3 pct y/y (Reuter’s poll -3.0 pct).
   
• Singapore’s June non-oil domestic exports -12.9 pct m/m seasonally adjusted (Reuter’s poll -10.3 pct).
   
• Singapore’s June domestic exports of electronics -1.7 pct y/y.

We prefer to take short position in USD/SGD around 1.3480, stop loss 1.3496 and target 1.3420/ 1.3369 marks.