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FxWirePro: Singapore dollar trades marginally lower despite higher than expected GDP data

  • USD/SGD is currently trading around 1.3446 marks.
     
  • It made intraday high at 1.3449 and low at 1.3420 levels.
     
  • Intraday bias remains slightly bullish till the time pair holds key support at 1.3390 mark.
     
  • A daily close above 1.3433 will test key resistances at 1.3482, 1.3532 and 1.3587 levels respectively.
     
  • Alternatively, a consistent close below 1.3433 will drag the parity down towards key support at 1.3390/1.3350/1.3311/1.3255/1.3218 levels respectively.
     
  • Important to note here that 20D, 30D and 55D EMA heads up and confirms the bullish trend in a daily chart.
     
  • Singapore Q1 GDP final yy increase to 4.4 % (forecast 4.3 %) vs previous 4.3 %.
     
  • Singapore Q1 GDP final qq increase to 1.7 % (forecast 1.4 %) vs previous 1.4 %.

    We prefer to take short position on USD/SGD around 1.3450, stop loss 1.3490 and target of 1.3390/1.3350.

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