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FxWirePro: Singapore dollar strengthens in early as GDP data meets expectations

  • USD/SGD is currently trading around 1.3215 marks.
     
  • It made intraday high at 1.3235 and low at 1.3207 levels.
     
  • Intraday bias remains slightly bearish till the time pair holds key resistance at 1.3250 marks.
     
  • A daily close above 1.3227 will test key resistances at 1.3290, 1.3340, 1.3438 and 1.3532 levels respectively.
     
  • Alternatively, a consistent close below 1.3227 will drag the parity down towards key support at 1.3168/1.3080/1.3005/1.2855/1.2754 levels respectively.
  • Important to note here that 20D, 30D and 55D EMA heads down and confirms the bearish trend in a daily chart.
     
  • Singapore Q4 GDP final y/y decrease to 3.6 % (forecast 2.9 %) vs previous 11.2 % (revised from 3.1 %).
     
  • Singapore Q4 GDP final q/q decrease to 2.1 % (forecast 2 %) vs previous 5.5 % (revised from 2.8 %).

We prefer to take short position on USD/SGD around 1.3218, stop loss at 1.3250 and target of 1.3080.

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