- USD/SGD is currently trading around 1.4214 marks.
- It made intraday high at 1.4248 and low at 1.4212 levels.
- Intraday bias remains bearish till the time pair holds key resistance at 1.4290 mark.
- A daily close above 1.4250 will test key resistances at 1.4290, 1.4326, 1.4360, 1.4542, 1.4606, 1.47, 1.4762, 1.4818 and 1.4850 marks respectively.
- Alternatively, a consistent close below 1.4228 will drag the parity down towards key supports at 1.4182, 1.4150, 1.4097, 1.4062, 1.3938 and 1.3870 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 1.4230, stop loss at 1.4250 and target of 1.4150.
