FxWirePro: USD/SGD trades in narrow range, Singapore’s business expectations data in focus

• USD/SGD is currently trading around 1.3233 marks.
   
• It made intraday high at 1.3247 and low at 1.3227 levels.
   
• Intraday bias remains neutral for the moment.
   
• A daily close above 1.3236 will test key resistances at 1.3296, 1.3340, 1.3438 and 1.3532 levels respectively.
   
• Alternatively, a consistent close below 1.3236 will drag the parity down towards key support at 1.3150/1.3076/1.3005/1.2855/1.2754 levels respectively.
   
• Important to note here that 20D, 30D and 55D EMA heads down and confirms the bearish trend in a daily chart.
   
• Singapore March bank lending increase to 661.6 bln SGD vs previous 650.9 bln SGD.
   
• Singapore will release business expectations data at 0500 GMT.

We prefer to take short position on USD/SGD only below 1.3218, stop loss 1.3296 and target of 1.3150/1.3076.

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