FxWirePro: Singapore dollar erases previous loss against US dollar, good to sell on rallies
USD/SGD is currently trading around 1.3787 marks. It made intraday high at 1.3803 and low at 1.3780 levels. Intraday bias remains bearish till the time pair holds key resistance at 1.3828 levels. A sustained close above …
It made intraday high at 1.3803 and low at 1.3780 levels.
Intraday bias remains bearish till the time pair holds key resistance at 1.3828 levels.
A sustained close above 1.3828 tests key resistances at 1.3851(March 16, 2016 high), 1.4073 (20D EMA) and 1.4132(20D, 30D and 55D EMA crossover).
On the other side, a daily close below 1.3777 will drag the parity down towards key supports 1.3628 (55D EMA) /1.3548/1.3420 (April 13, 2016 low) /1.3357 (April 20, 2016 low) /1.3318/1.3302 levels.
We prefer to take short position in USD/SGD only below 1.3775, stop loss 1.3828 and target 1.3715/ 1.3628 levels.
