FxWirePro: Singapore dollar erases previous gain against US dollar, bias turns to bullish

• USD/SGD is currently trading around 1.3462 marks.
   
• It made intraday high at 1.3474 and low at 1.3447 levels.
   
• Intraday bias remains bullish till the time pair holds key support at 1.3410 levels.
   
• A daily close below 1.3410 will drag the parity down towards key supports at 1.3357 (April 20, 2016 low)/1.3318/1.3302/ 1.3271 levels.
   
• Alternatively, reversal from key support will test key resistances at 1.3528, 1.3646, 1.3799, 1.3836, 1.3851(March 16, 2016 high), 1.4073 (20D EMA) and 1.4132(20D, 30D and 55D EMA crossover).
   
• Important to note here that, 20D, 30D and 55D EMA heads down and confirm the bearish trend. Current upside movement is short term trend correction only.

We prefer to take long position in USD/SGD only above 1.3475, stop loss 1.3410 and target 1.3546/ 1.3646 marks.