FxWirePro: Singapore dollar rises gradually against U.S. dollar, further downside rally likely

• USD/SGD is currently trading around 1.3714 marks.
   
• It made intraday high at 1.3724 and low at 1.3711 levels.
   
• Intraday bias remains bearish till the time pair holds key resistance at 1.3740 mark.
   
• A daily close above 1.3719 will test key resistances at 1.3740, 1.3770, 1.3790, 1.3838, 1.3872, 1.3905, 1.3948 and 1.4050 levels respectively.
   
• Alternatively, a consistent close below 1.3719 will drag the parity down towards key supports at 1.3690/1.3654/1.3620/1.3570/1.3510/1.3450 levels respectively.
   
• Important to note here that 20D, 30D and 55D EMA heads up and confirms the bullish trend in a daily chart.

We prefer to take short position on USD/SGD around 1.3718, stop loss at 1.3750 and target of 1.3690/1.3654.