24.07.201621:07:00UTC+00Fxwirepro: Singapore Dollar falls in Early Hours of Asia ahead of Cpi Data

• USD/SGD is currently trading around 1.3613 marks.
   
• It made intraday high at 1.3619 and low at 1.3573 levels.
   
• Intraday bias remains bullish till the time pair holds key support at 1.3539 marks. 
   
• A daily close below 1.3539 will drag the parity down towards key supports at 1.3496/1.3420/1.3357 (April 20, 2016 low)/1.3318/1.3302/ 1.3271 levels.
   
• Alternatively, a sustained close above 1.3627 will tests key resistances at 1.3646, 1.3799, 1.3836, 1.3851(March 16, 2016 high), 1.4073 (20D EMA) and 1.4132(20D, 30D and 55D EMA crossover).
   
• Important to note here that, 20D, 30D and 55D EMA heads down and confirm the bearish trend. Current upside movement is short term trend correction only.
   
• Singapore will release CPI data at 0500 GMT.

We prefer to take long position in USD/SGD around 1.3602, stop loss 1.3539 and target 1.3740.