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FxWirePro: Singapore dollar strengthens on the back of higher than expected non – oil exports, trade balance data

 

  • USD/SGD is currently trading around 1.3875 marks.
     
  • It made intraday high at 1.3894 and low at 1.3874 levels.
     
  • Intraday bias remains bearish till the time pair holds key resistance at 1.3899 mark.
     
  • A daily close above 1.3899 will test key resistances at 1.3945, 1.3984 and 1.4012 marks respectively.
     
  • Alternatively, a consistent close below 1.3832 will drag the parity down towards key supports at 1.3794, 1.3754 and 1.3670 levels respectively.
     
  • Important to note here that 20D, 30D and 55D EMA heads up and confirms the bullish trend in a daily chart.
     
  • Singapore July non – oil exports m/m at 3.7 pct vs -7.8 pct previous release.
     
  • Singapore July non – oil exports y/y at -11.20 pct vs -17.40 pct previous release.

We prefer to take short position on USD/SGD around 1.3880, stop loss at 1.3899 and target of 1.3832.

  • Market Data
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