FxWirePro: Singapore dollar erases previous gain against U.S. dollar, short term trend reversal likely

• USD/SGD is currently trading around 1.3285 marks.
   
• It made intraday high at 1.3287 and low at 1.3259 levels.
   
• Intraday bias remains bullish till the time pair holds key support at 1.3255 mark.
   
• A daily close above 1.3268 will test key resistances at 1.3315, 1.3375, 1.3438, 1.3532, 1.3580, 1.3602, 1.3652, 1.3715, 1.3768, 1.3822 and 1.3949 levels respectively.
   
• Alternatively, a consistent close below 1.3268 will drag the parity down towards key support at 1.3217/1.3164/1.3015 levels respectively.
   
• Important to note here that 20D, 30D and 55D EMA heads down and confirms the bearish trend in a daily chart. Current upside movement is short term trend correction only.

We prefer to take long position in USD/SGD around 1.3278, stop loss 1.3355 and target of 1.3375.

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