- USD/SGD is currently trading around 1.3980 marks.
- It made intraday high at 1.3995 and low at 1.3967 levels.
- Intraday bias remains neutral till the time pair holds key resistance at 1.4000 marks.
- A daily close above 1.4000 will test key resistances at 1.4027, 1.4077, 1.4160, 1.4219, 1.4266, 1.4327, 1.4409 and 1.4506 levels respectively.
- Alternatively, a consistent close below 1.3939 will drag the parity down towards key supports at 1.3906/1.3851/1.3775/1.3704/1.3646 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.
