FxWirePro: Singapore dollar rises in early Asia, downside limited

• USD/SGD is currently trading around 1.3794 marks.
   
• It made intraday high at 1.3819 and low at 1.3788 levels.
   
• Intraday bias remains slightly bearish till the time pair holds key resistance 1.3820 marks.
   
• A daily close above 1.3815 will test key resistances at 1.3840, 1.3872, 1.3905 and 1.3948 levels respectively.
   
• Alternatively, a consistent close below 1.3815 will drag the parity down towards key supports at 1.3790/1.3738/1.3690/1.3654/1.3620/1.3570/1.3510/1.3450 levels respectively.
   
• Important to note here that 20D, 30D and 55D EMA heads up and confirms the bullish trend in a daily chart. Current downside movement is short term trend correction only.

We prefer to take long position on USD/SGD around 1.3790, stop loss at 1.3750 and target of 1.3840/1.3872.