FxWirePro: Singapore dollar appreciates gradually against U.S. dollar, good to sell on rallies
USD/SGD is currently trading around 1.3514 marks. It made intraday high at 1.3524 and low at 1.3509 levels. Intraday bias remains bearish till the time pair holds key resistance at 1.3550 mark. A daily close above 1.3520…
It made intraday high at 1.3524 and low at 1.3509 levels.
Intraday bias remains bearish till the time pair holds key resistance at 1.3550 mark.
A daily close above 1.3520 will test key resistances at 1.3570, 1.3615, 1.3672, 1.3720, 1.3770 and 1.3790 marks respectively.
Alternatively, a consistent close below 1.3520 will drag the parity down towards key supports at 1.3499, 1.3465, 1.3422 and 1.3315 levels respectively.
Important to note here that 20D, 30D and 55D EMA heads down and confirms the bearish trend in a daily chart.
We prefer to take short position on USD/SGD around 1.3520, stop loss at 1.3550 and target of 1.3465/1.3422.
