- USD/SGD is currently trading around 1.4048 marks.
- It made intraday high at 1.4068 and low at 1.4037 levels.
- Intraday bias remains neutral till the time pair holds key support at 1.4048 marks.
- A daily close above 1.4048 will test key resistances at 1.4160, 1.4219, 1.4266, 1.4327, 1.4409 and 1.4506 levels respectively.
- Alternatively, a consistent close below 1.4048 will drag the parity down towards key supports at 1.4001/1.3964/1.3851/1.3775/1.3704/1.3646 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.
- Singapore will release foreign reserves data at 0900 GMT.
We prefer to take short position in USD/SGD around 1.4050, stop loss 1.4082 and target of 1.4001/1.3964.
