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FxWirePro: Singapore dollar trades marginally lower in early Asia, good to buy on dips

  • USD/SGD is currently trading around 1.3906 marks.
     
  • It made intraday high at 1.3910 and low at 1.3887 levels.
     
  • Intraday bias remains bullish till the time pair holds key support at 1.3865 mark.
     
  • A daily close above 1.3925 will test key resistances at 1.3942, 1.3988 and 1.4050 marks respectively.
     
  • Alternatively, a consistent close below 1.3864 will drag the parity down towards key supports at 1.3852, 1.3790, 1.3748, 1.3702, 1.3643 and 1.3590 levels respectively.
     
  • Important to note here that 20D, 30D and 55D EMA heads up and confirms the bullish trend in a daily chart.

We prefer to take long position on USD/SGD around 1.3900, stop loss 1.3865 and target of 1.3942/1.3988.

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