FxWirePro: Singapore dollar rises in early Asia, downside limited
USD/SGD is currently trading around 1.3338 marks. It made intraday high at 1.3363 and low at 1.3325 levels. Intraday bias remains bearish till the time pair holds key resistance at 1.3363 mark. A daily close above 1.3363…
It made intraday high at 1.3363 and low at 1.3325 levels.
Intraday bias remains bearish till the time pair holds key resistance at 1.3363 mark.
A daily close above 1.3363 will test key resistances at 1.3438, 1.3482, 1.3532 and 1.3587 levels respectively.
Alternatively, a consistent close below 1.3363 will drag the parity down towards key support at 1.3311/1.3255/1.3218/1.3150/1.3076/1.3005 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 long position on USD/SGD around 1.3335, stop loss 1.3310 and target of 1.3363/1.3438.
