• FxWirePro: Singapore Dollar rises ahead of retail sales data

    Source: FxWire Pro - Technicals / 12 Sep 2019 04:41:32   Europe/London

    • USD/SGD is currently trading around 1.3769 marks.
       
    • It made intraday high at 1.3765 and low at 1.3793 levels.
       
    • Intraday bias remains bearish till the time pair holds key resistance at 1.3822 mark.
       
    • A daily close above 1.3790 will test key resistances at 1.3857, 1.3913, 1.3945, 1.3984 and 1.4012 marks respectively.
       
    • Alternatively, a consistent close below 1.3790 will drag the parity down towards key supports at 1.3758, 1.3732, 1.3710 and 1.3668 levels respectively.
       
    • Important to note here that 20D, 30D and 55D EMA heads up and confirms the bullish trend in a daily chart. Current downside movement is short term trend correction only.
       
    • Singapore Q3 unemployment rate stands at 2.2 pct vs 2.2 pct previous release.
       
    • Singapore will release retail sales data at 0500 GMT.

    We prefer to take short position on USD/SGD around 1.3770, stop loss at 1.3822 and target of 1.3732/1.3710.

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