FxWirePro: USD/SGD stabilizes below 1.42 mark, stay bearish below 1.4162

• USD/SGD is currently trading around 1.4174 marks.
   
• It made intraday high at 1.4183 and low at 1.4162 levels.
   
• Intraday bias remains neutral till the time pair holds key support at 1.4162 marks.
   
• A daily close above 1.4166 will test key resistances at 1.4250, 1.4409, 1.4506, 1.4568, 1.4686 and 1.4851 levels respectively.
   
• Alternatively, a consistent close below 1.4166 will drag the parity down towards key supports at 1.4136/1.4083/1.3972/1.3819/1.3775/1.3704/1.3646 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 term trend correction only.
   
• Singapore’s Q4 final GDP +12.3 pct q/q annualised seasonally adjusted rate (poll +12.6 pct).
   
• Singapore’s Q4 final GDP +2.9 pct y/y (poll +2.5 pct).
   
• Singapore’s revises up 2016 full-year growth to 2.0 pct from 1.8 pct in advance estimate.

We prefer to take short position in USD/SGD only below 1.4162, stop loss at 1.4205 and target of 1.4083.