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FxWirePro: USD/ZAR edges higher, set to stay on back foot 
- USD/SGD is currently trading around 1.3724 marks.
- It made intraday high at 1.3736 and low at 1.3721 levels.
- Intraday bias remains bearish for the moment.
- A daily close above 1.3727 will test key resistances at 1.3770, 1.3790, 1.3838, 1.3872, 1.3905, 1.3948 and 1.4050 levels respectively.
- Alternatively, a consistent close below 1.3727 will drag the parity down towards key supports at 1.3685/1.3654/1.3620/1.3570 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 only below 1.3720, stop loss at 1.3757 and target of 1.3685/1.3654.
