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

  • USD/SGD is currently trading around 1.3693 marks.
     
  • It made intraday high at 1.3699 and low at 1.3677 levels.
     
  • Intraday bias remains slightly bullish till the time pair holds key support at 1.3654 mark.
     
  • A daily close above 1.3684 will test key resistances at 1.3707, 1.3788, 1.3822, 1.3949, 1.4046, 1.4095, 1.4128, 1.4219, 1.4266, 1.4327, 1.4409 and 1.4506 levels respectively.
     
  • Alternatively, a consistent close below 1.3684 will drag the parity down towards key supports at 1.3654/1.3631/1.3554/1.3512 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 only above 1.3699, stop loss 1.3654 and target of 1.3768.

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