FxWirePro: Singapore dollar erases previous gain against US dollar, good to buy on dips
USD/SGD is currently trading around 1.3557 marks. It made intraday high at 1.3561 and low at 1.3516 levels. Intraday bias remains bullish till the time pair holds initial support at 1.3487 levels. A sustained close above…
It made intraday high at 1.3561 and low at 1.3516 levels.
Intraday bias remains bullish till the time pair holds initial support at 1.3487 levels.
A sustained close above 1.3552 tests key resistances at 1.3628/1. 3772/ 1.3817/ 1.3842 marks respectively.
On the other side, a daily close below 1.3487 will drag the parity down towards 1.3415/1.3318 levels.
Important to note here that, 20D, 30D and 55D EMA heads down in daily chart and confirms bearish trend. A current rebound is short term correction only.
We prefer to take long position in USD/SGD around 1.3545, stop loss 1.3487 and target 1.3628/1.3712 marks.
