FxWirePro: Singapore dollar rises in early Asia despite lower than expeted non – oil exports data

• USD/SGD is currently trading around 1.3553 marks.
   
• It made intraday high at 1.3570 and low at 1.3551 levels.
   
• Intraday bias remains bearish till the time pair holds key resistance at 1.3590 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 1.3538, 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 Jan 2019 non - oil exports mm decrease to -5.7 % (forecast 2.6 %) vs previous -4 % (revised from -5.7 %).
   
• Singapore Jan 2019 non - oil exports yy decrease to -10.1 % (forecast -1.6 %) vs previous -8.5 %.

We prefer to take short position on USD/SGD around 1.3560, stop loss at 1.3590 and target of 1.3538/1.3490.