MAS intervenes in Singaporean Dollar?

FXStreet (Bali) - USD/SGD has dropped sharply from 1.3102 towards 1.30 round number after the Monetary Authority of Singapore reportedly intervened int he market to slow down the consistent depreciation in the Singaporean Dollar.

While there is no confirmation of intervention from officials just yet, it all seems to point at the MAS as the one to blame for this flash 80 pips decline. Should further selling be seen in the days/weeks to come, only a break below 1.2840/50 will turn technicals slightly more positive near term, while on the topside, looks like 1.31 will now be a resistance that the MAS may want to keep defending.