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FxWirePro: Singapore dollar trades marginally higher ahead of retail sales data

  • USD/SGD is currently trading around 1.3151 marks.
     
  • It made intraday high at 1.3169 and low at 1.3149 levels.
     
  • Intraday bias remains slightly bearish till the time pair holds key resistance at 1.3200 mark.
     
  • A daily close above 1.3167 will test key resistances at 1.3232, 1.3285, 1.3340, 1.3438 and 1.3532 levels respectively.
     
  • Alternatively, a consistent close below 1.3167 will drag the parity down towards key support at 1.3138/1.3090/1.3005/1.2855/1.2754 levels respectively.
  • Important to note here that 20D, 30D and 55D EMA heads down and confirms the bearish trend in a daily chart.
     
  • Singapore will release retail sales data at 0500 GMT.

We prefer to take short position on USD/SGD only below 1.3138, stop loss at 1.3200 and target of 1.3005.

FxWirePro launches Absolute Return Managed Program. For more details, visit http://www.fxwirepro.com/invest

By Aarti Panchal
  • Market Data
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