FxWirePro: Singapore dollar rises gradually against U.S. dollar, stay bearish
USD/SGD is currently trading around 1.3671 marks. It made intraday high at 1.3693 and low at 1.3669 levels. Intraday bias remains slightly bearish till the time pair holds key resistance at 1.3692 mark. A daily close abo…
It made intraday high at 1.3693 and low at 1.3669 levels.
Intraday bias remains slightly bearish till the time pair holds key resistance at 1.3692 mark.
A daily close above 1.3692 will test key resistances at 1.3728, 1.3775, 1.3818, 1.3854 and 1.3905 levels respectively.
Alternatively, a consistent close below 1.3692 will drag the parity down towards key supports at 1.3620/1.3570/1.3510 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 1.3678, stop loss at 1.3700 and target of 1.3620.
