• FxWirePro: Singapore Dollar strengthens against U.S. Dollar, hits highest level since June 2016

    Source: FxWire Pro - Technicals / 01 Jan 2018 22:01:45   Eastern Standard Time

    • USD/SGD is currently trading around 1.3350 marks.
       
    • It made intraday high at 1.3375 and low at 1.3338 levels.
       
    • Intraday bias remains bearish till the time pair holds immediate resistance at 1.3372 mark.
       
    • A daily close above 1.3372 will test key resistances at 1.3438, 1.3532, 1.3580, 1.3602, 1.3652, 1.3715, 1.3768, 1.3822 and 1.3949 levels respectively.
       
    • Alternatively, a consistent close below 1.3372 will drag the parity down towards key support at 1.3338/1.3217/1.3164/1.3005 levels respectively.
       
    • Important to note here that 20D, 30D and 55D EMA heads down and confirms the bearish trend in a daily chart.
       
    • Singapore private home prices rise 1.0 pct in 2017, first annual rise since 2013.
       
    • Singapore Q4 GDP +3.1 pct yr/yr (poll +2.7 pct).
       
    • Singapore Q4 manufacturing -11.5 pct qtr/qtr annualised and seasonally adjusted.
       
    • Singapore Q4 construction -3.6 pct qtr/qtr annualised and seasonally adjusted.
       
    • Singapore Q4 services +7.5 pct qtr/qtr annualised and seasonally adjusted.
       
    • Singapore 2017 full-year growth +3.5 pct (official forecast 3.0 to 3.5 pct).

    We prefer to take short position in USD/SGD around 1.3355, stop loss 1.3410 and target of 1.3217.

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