FxWirePro: Singapore dollar rises gradually against U.S. dollar, faces key support at 1.3770 mark

• USD/SGD is currently trading around 1.3812 marks.
   
• It made intraday high at 1.3822 and low at 1.3809 levels.
   
• Intraday bias remains bearish till the time pair holds key resistance at 1.3840 mark.
   
• A daily close above 1.3840 will test key resistances at 1.3857, 1.3913, 1.3945, 1.3984 and 1.4012 marks respectively.
   
• Alternatively, a consistent close below 1.3812 will drag the parity down towards key supports at 1.3770, 1.3732 and 1.3668 levels respectively.
   
• Important to note here that 20D, 30D and 55D EMA heads up and confirms the bullish trend in a daily chart. Current downside movement is short term trend correction only.

We prefer to take short position on USD/SGD around 1.3820, stop loss at 1.3850 and target of 1.3770.