2017.05.2522:15:00UTC+00Fxwirepro: Singapore Dollar Appreciates in Early Hours of Asia ahead of Singapore’s Manufacturing Output Data

• USD/SGD is currently trading around 1.3850 marks.


• It made intraday high at 1.3869 and low at 1.3846 levels.
   
• Intraday bias remains bearish till the time pair holds key resistance at 1.3875 marks. 
   
• A daily close above 1.3866 will test key resistances at 1.3918, 1.3988, 1.4046, 1.4095, 1.4128, 1.4219, 1.4266, 1.4327, 1.4409 and 1.4506 levels respectively.
   
• Alternatively, a consistent close below 1.3866 will drag the parity down towards key supports at 1.3822/1.3776/1.3704/1.3631 levels respectively.


• Important to note here that 20D, 30D and 55D EMA heads down and confirms the bearish trend in a daily chart.


• Singapore will release manufacturing output data at 0500 GMT.  

We prefer to take long position in USD/SGD only above 1.3872, stop loss 1.3822 and target of 1.3918/1.3988.