- 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.