FxWirePro: Singapore dollar erases previous loss against U.S. dollar, short term trend reversal likely
USD/SGD is currently trading around 1.3770 marks. It made intraday high at 1.3806 and low at 1.3764 levels. Intraday bias remains slightly bearish till the time pair holds key resistance at 1.3801 mark. A daily close abo…
It made intraday high at 1.3806 and low at 1.3764 levels.
Intraday bias remains slightly bearish till the time pair holds key resistance at 1.3801 mark.
A daily close above 1.3801 will test key resistances at 1.3818, 1.3854 and 1.3905 levels respectively.
Alternatively, a consistent close below 1.3801 will drag the parity down towards key support at 1.3762/1.3720/1.3692/1.3615/1.3570 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 long position on USD/SGD around 1.3745, stop loss at 1.3720 and target of 1.3854.
