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

• USD/SGD is currently trading around 1.4014 marks.
   
• It made intraday high at 1.4028 and low at 1.3989 levels.
   
• Intraday bias remains slightly bullish till the time pair holds key support at 1.3994 marks.
   
• A daily close above 1.3994 will test key resistances at 1.4028, 1.4064, 1.4090, 1.4160, 1.4219, 1.4266, 1.4327, 1.4409, 1.4506, 1.4568, 1.4686 and 1.4851 levels respectively.
   
• Alternatively, a consistent close below 1.3994 will drag the parity down towards key supports at 1.3955/1.3920/1.3851/1.3775/1.3704/1.3646 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 short position in USD/SGD only below 1.3994, stop loss 1.4064 and target of 1.3955/1.3920/1.3851.