• FxWirePro: Singapore Dollar strengthens on the back of higher than expected non – Oil exports, trade balance data

    Source: FxWire Pro - Technicals / 18 Aug 2019 16:24:04   Europe/London

     

    • USD/SGD is currently trading around 1.3875 marks.
       
    • It made intraday high at 1.3894 and low at 1.3874 levels.
       
    • Intraday bias remains bearish till the time pair holds key resistance at 1.3899 mark.
       
    • A daily close above 1.3899 will test key resistances at 1.3945, 1.3984 and 1.4012 marks respectively.
       
    • Alternatively, a consistent close below 1.3832 will drag the parity down towards key supports at 1.3794, 1.3754 and 1.3670 levels respectively.
       
    • Important to note here that 20D, 30D and 55D EMA heads up and confirms the bullish trend in a daily chart.
       
    • Singapore July non – oil exports m/m at 3.7 pct vs -7.8 pct previous release.
       
    • Singapore July non – oil exports y/y at -11.20 pct vs -17.40 pct previous release.

    We prefer to take short position on USD/SGD around 1.3880, stop loss at 1.3899 and target of 1.3832.

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