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- USD/SGD is currently trading around 1.3707 marks.
- It made intraday high at 1.3710 and low at 1.3692 levels.
- Intraday bias remains bearish till the time pair holds key resistance at 1.3720 mark.
- A daily close above 1.3703 will test key resistances at 1.3770, 1.3790, 1.3838, 1.3872, 1.3905, 1.3948 and 1.4050 levels respectively.
- Alternatively, a consistent close below 1.3703 will drag the parity down towards key supports at 1.3685/1.3654/1.3620/1.3570 levels respectively.
- Important to note here that 20D, 30D and 55D EMA heads up and confirms the bullish trend in a daily chart. Current downside movement is short term trend correction only.
We prefer to take short position on USD/SGD around 1.3710, stop loss at 1.3757 and target of 1.3654.
