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FxWirePro: Singapore dollar remains almost unchanged after GDP data

  • USD/SGD is currently trading around 1.3625 marks.
     
  • It made intraday high at 1.3628 and low at 1.3618 levels.
     
  • Intraday bias remains neutral till the time pair holds key resistance at 1.3637 mark.
     
  • A daily close above 1.3637 will test key resistances at 1.3670, 1.3706, 1.3770, 1.3790, 1.3827, 1.3913, 1.3945, 1.3984 and 1.4012 marks respectively.
     
  • Alternatively, a consistent close below 1.3590 will drag the parity down towards key supports at 1.3570, 1.3522, 1.3490, 1.3447 and 1.3387 levels respectively.
     
  • Important to note here that 20D, 30D and 55D EMA heads down and confirms the bearish trend in a daily chart.
     
  • Singapore GDP q/q stands at 2.1 pct vs 0.6 pct previous release (expected 2.1 pct).
     
  • Singapore GDP y/y stands at 0.5 pct vs 0.2 pct previous release (expected 0.5 pct).

We prefer to take long position on USD/SGD only above 1.3637, stop loss at 1.3606 and target of 1.3670.

By Aarti Panchal
  • Market Data
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