Fxwirepro: Singapore Dollar Appreciates in Early Hours of Asia ahead of Singaporeâ€™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.

The material has been provided by InstaForex Company – www.instaforex.com

May 26, 2017 at 08:25AM

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Muzaffaruddin Alvi | Corporate Governance Expert - Pakistan