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

• USD/SGD is currently trading around 1.3513 marks.
   
• It made intraday high at 1.3519 and low at 1.3492 levels.
   
• Intraday bias remains bullish till the time pair holds key support at 1.3490 mark.
   
• A daily close above 1.3492 will test key resistances at 1.3534, 1.3580, 1.3637, 1.3692, 1.3788, 1.3822, 1.3949, 1.4046, 1.4095, 1.4128, 1.4219 and 1.4310 levels respectively.
   
• Alternatively, a consistent close below 1.3492 will drag the parity down towards key supports at 1.3460/1.3418/1.3346/1.3217/1.3164/1.3005 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 1.3492, stop loss 1.3552 and target of 1.3418.

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