- USD/SGD is currently trading around 1.4018 marks.
- It made intraday high at 1.4044 and low at 1.4012 levels.
- Intraday bias remains bearish till the time pair holds key resistance at 1.4077 marks.
- A daily close above 1.4037 will test key resistances at 1.4077, 1.4160, 1.4219, 1.4266, 1.4327, 1.4409, 1.4506, 1.4568, 1.4686 and 1.4851 levels respectively.
- Alternatively, a consistent close below 1.4037 will drag the parity down towards key supports at 1.3985/1.3958/1.3851/1.3775/1.3704/1.3646 levels respectively.
- Important to note here that 20D, 30D and 55D EMA heads down and confirms the bearish trend in a daily chart.
- Singapore’s February total retail sales +2.3 pct m/m (previous -1.1 pct).
- Singapore’s February total retail sales -2.5 pct y/y (previous 2.3 pct).
We prefer to take short position in USD/SGD around 1.4020, stop loss 1.4077 and target of 1.3950.
