FxWirePro: Singapore dollar rises gradually against U.S. dollar, stay bearish
USD/SGD is currently trading around 1.3648 marks. It made intraday high at 1.3665 and low at 1.3641 levels. Intraday bias remains bearish for the moment. A daily close above 1.3663 will test key resistances at 1.3699, 1.…
It made intraday high at 1.3665 and low at 1.3641 levels.
Intraday bias remains bearish for the moment.
A daily close above 1.3663 will test key resistances at 1.3699, 1.3760, 1.3838, 1.3854, 1.3896 and 1.3945 marks respectively.
Alternatively, a consistent close below 1.3663 will drag the parity down towards key supports at 1.3625, 1.3599 and 1.3570 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 1.3655, stop loss at 1.3699 and target of 1.3599/1.3570.
