FxWirePro: Singapore dollar erases previous gain against USD; upside limited

             

• USD/SGD is currently trading around 1.3419 marks.
   
• It made intraday high at 1.3425 and low at 1.3388 levels.
   
• Intraday bias remains neutral till the time pair holds key resistance at 1.3422 marks. 
   
• A daily close below 1.3422 will drag the parity down towards key supports at 1.3347/1.3313/1.3302/ 1.3271 levels.
• Alternatively, a sustained close above 1.3438 will test key resistances at 1.3537, 1.3638, 1.3799, 1.3836, 1.3851(March 16, 2016 high), 1.4073 (20D EMA) and 1.4132(20D, 30D and 55D EMA crossover).
   
• Important to note here that in a daily chart, 20D, 30D and 55D EMA heads down and confirms the bearish trend. Current up side movement is short term trend correction only.

We prefer to take short position in USD/SGD only below 1.3422, stop loss at 1.3475 and target 1.3347/1.3313.