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FxWirePro: Singapore dollar appreciates on the back of higher than expected non-oil exports figures

  • USD/SGD is currently trading around 1.3382 marks.
     
  • It made intraday high at 1.3409 and low at 1.3373 levels.
     
  • Intraday bias remains bearish till the time pair holds key resistance at 1.3456 mark.
     
  • A daily close above 1.3405 will test key resistances at 1.3456, 1.3482, 1.3532 and 1.3587 levels respectively.
     
  • Alternatively, a consistent close below 1.3405 will drag the parity down towards key support at 1.3370/1.3311/1.3255/1.3218/1.3150/1.3076/1.3005 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 April non-oil exports m/m increase to 6.5 % (forecast -0.2 %) vs previous -2.2 % (revised from -1.8 %).
     
  • Singapore April non-oil exports y/y increase to 11.8 % (forecast 5.4 %) vs previous -3.2 % (revised from -2.7 %).

We prefer to take short position on USD/SGD only below 1.3370, stop loss 1.3400 and target of 1.3310/1.3255.

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