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Forex: USD/SGD continues higher, Singapore CPI (m/m) lowest since Oct ‘12

FXstreet.com (Barcelona) - The USD/SGD finished the day 7 pips higher at 1.2411. The pair had at one point traded as high as 1.2426 but was unable to maintain a firm bid at higher levels and leaked slightly lower to end the day. This level also capped advances in early April and should be monitored as a key resistance pivot in coming sessions.

According to Mingze Wu of MarketPulseFX, "Singapore Department of Statistics released March’s inflation data earlier today, showing M/M gain of 3.5%, the lowest since Oct ’12 and below median expectation of 3.7%. USD/SGD remains muted, with price staying above 1.24 without any fuss. Softening of inflation numbers has been attributed to lower Certificate of Entitlement prices (tax on private vehicles), with Y/Y coming in at 8.6% vs Feb’s 17.4%, and -3.5% M/M vs 4.3% previous"

From a technical perspective, the short term moving averages on the daily chart are now bullish with price above both the upward sloping 9 and 20 day ma’s. Momentum studies on the daily chart remain neutral with the RSI (14) continuing to consolidatie between the 40-60 level. As noted above, the pair needs to build value and close above 1.2426 in order to open the doors to further gains near 1.2440 (gap up resistance level from March 5th). Initial support sits at 1.2390 (the 20dma), followed by 1.2340 (both the 200dma and 100dma are located here). A move below the 1.2340 support pivot would be a bearish development and could open the doors to 1.2316 (low price from April 17th).

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