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FxWirePro: Singapore dollar remains almost unchanged after GDP data, further sideways movement likely

  • USD/SGD is currently trading around 1.3583 marks.
     
  • It made intraday high at 1.3588 and low at 1.3575 levels.
     
  • Intraday bias remains neutral till the time pair holds key support at 1.3550 mark.
     
  • A daily close above 1.3610 will test key resistances at 1.3672, 1.3720, 1.3770 and 1.3790 marks respectively.
     
  • Alternatively, a consistent close below 1.3562 will drag the parity down towards key supports at 1.3570, 1.3538, 1.3490, 1.3465, 1.3422 and 1.3315 levels respectively.
     
  • Important to note here that 20D, 30D and 55D EMA heads down and confirms the bearish trend in a daily chart.
     
  • Singapore Q4 2018 GDP final yy decrease to 1.9 % (forecast 2.1 %) vs previous 2.4 % (revised from 2.2 %).
     
  • Singapore Q4 2018 GDP final qq stays flat at 1.4 % (forecast 1.6 %) vs previous 1.4 % (revised from 1.6 %).

We prefer to take long position on USD/SGD around 1.3580, stop loss at 1.3550 and target of 1.3610.

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