- USD/SGD is currently trading around 1.4138 marks.
- It made intraday high at 1.4143 and low at 1.4114 levels.
- Intraday bias remains bullish till the time pair holds key support at 1.4083 marks.
- A daily close above 1.4127 will test key resistances at 1.4161, 1.4205, 1.4327, 1.4409, 1.4506, 1.4568, 1.4686 and 1.4851 levels respectively.
- Alternatively, a consistent close below 1.4127 will drag the parity down towards key supports at 1.4083/1.4027/1.3975/1.3851/1.3775/1.3704/1.3646 levels respectively.
- Important to note here that 20D, 30D and 55D EMA heads down and confirms the bearish trend in a daily chart. Current upside movement is short term trend correction only.
Positioning is inconclusive at this point, with prices offering no clear cut signal to initiate a long or short trade. We will continue to remain on sidelines for the time being.
