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

• USD/SGD is currently trading around 1.3904 marks.
   
• It made intraday high at 1.3918 and low at 1.3890 levels.
   
• Intraday bias remains slightly bullish till the time pair holds key support at 1.3856 marks. 
   
• A daily close above 1.3900 will test key resistances at 1.3934, 1.3988, 1.4046, 1.4095, 1.4128, 1.4219, 1.4266, 1.4327, 1.4409 and 1.4506 levels respectively.
   
• Alternatively, a consistent close below 1.3900 will drag the parity down towards key supports at 1.3851/1.3838/1.3776/1.3704/1.3631 levels respectively.
   
• Important to note here that 20D, 30D and 55D EMA heads down and confirms the bearish trend in a daily chart.

 

We prefer to take long position in USD/SGD around 1.3900, stop loss 1.3856 and target of 1.3959.