FxWirePro: Singapore dollar falls sharply against USD, faces strong resistance at 1.3492

            

• USD/SGD is currently trading around 1.3455 marks.
   
• It made intraday high at 1.3459 and low at 1.3426 levels.
   
• Intraday bias remains bullish till the time pair holds key resistance at 1.3422 marks. 
   
• A daily close below 1.3400 will drag the parity down towards key supports at 1.3367/1.3313/1.3302/ 1.3271 levels.
   
• Alternatively, a sustained close above 1.3450 will test key resistances at 1.3492, 1.3537, 1.3638, 1.3799, 1.3836, 1.3851(March 16, 2016 high), 1.4073 (20D EMA) and 1.4132(20D, 30D and 55D EMA crossover).
   
• Important to note here that in a daily chart, 20D, 30D and 55D EMA heads down and confirms the bearish trend. Current upside movement is short term trend correction only.

We prefer to take short position in USD/SGD around 1.3462, stop loss at 1.3492 and target 1.3367/1.3313.