- USD/SGD is currently trading around 1.3364 marks.
- It made intraday high at 1.3373 and low at 1.3361 levels.
- Intraday bias remains neutral till the time pair holds key support at 1.3330 mark.
- A daily close above 1.3370 will test key resistances at 1.3438, 1.3490, 1.3532 and 1.3587 levels respectively.
- Alternatively, a consistent close below 1.3325 will drag the parity down towards key support at 1.3307/1.3255/1.3218/1.3120 levels respectively.
- Important to note here that 20D, 30D and 55D EMA heads up and confirms the bullish trend in a daily chart.
- Yesterday Singapore released retail sales data.
- Singapore April retail sales m/m decrease to -0.2 % vs previous 2.7 % (revised from 2.3 %).
- Singapore April retail sales y/y increase to 0.4 % vs previous -1.1 % (revised from -1.5 %).
We prefer to take short position on USD/SGD only below 1.3330, stop loss 1.3370 and target of 1.3255.
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