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

• USD/SGD is currently trading around 1.3634 marks.
   
• It made intraday high at 1.3654 and low at 1.3615 levels.
   
• Intraday bias remains bearish till the time pair holds key resistance at 1.3670 mark.
   
• A daily close above 1.3647 will test key resistances at 1.3690, 1.3745, 1.3788, 1.3854 and 1.3905 levels respectively.
   
• Alternatively, a consistent close below 1.3647 will drag the parity down towards key support at 1.3621/1.3551/1.3502/1.3430/1.3390 levels respectively.
   
• 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 take short position on USD/SGD around 1.3640, stop loss 1.3690 and target of 1.3551.