- USD/SGD is currently trading around 1.3383 marks.
- It made intraday high at 1.3406 and low at 1.3375 levels.
- Intraday bias remains bearish till the time pair holds key resistance at 1.3470 mark.
- A daily close above 1.3392 will test key resistances at 1.3470, 1.3532 and 1.3587 levels respectively.
- Alternatively, a consistent close below 1.3392 will drag the parity down towards key support at 1.3311/1.3255/1.3218 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 1.3387, stop loss 1.3438 and target of 1.3311.
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