FxWirePro: Singapore dollar erases previous loss against U.S. dollar, intraday bias remains bearish

• USD/SGD is currently trading around 1.3847 marks.
   
• It made intraday high at 1.3867 and low at 1.3840 levels.
   
• Intraday bias remains bearish till the time pair holds key resistance at 1.3929 marks.
   
• A sustained close above 1.3895 will test key resistances at 1.3929, 1.4073 (20D EMA) and 1.4132(20D, 30D and 55D EMA crossover) marks respectively.
   
• Alternatively, a consistent break below 1.3805 will drag the parity down towards key supports at 1.3704/1.3646/1.3587/1.3510/1.3462/1.3391/1.3347/1.3313/1.3302/ 1.3271 levels.
   
• Important to note here that 20D, 30D and 55D EMA heads up and confirms the bullish trend in a daily chart. Current downside movement is short term trend correction only.

We prefer to go short on USD/SGD around 1.3850 with stop loss at 1.3895 and target of 1.3805/1.3704.