- USD/SGD is currently trading around 1.3161 marks.
- It made intraday high at 1.3176 and low at 1.3153 levels.
- Intraday bias remains bearish till the time pair holds key resistance at 1.3208 mark.
- A daily close above 1.3172 will test key resistances at 1.3208, 1.3254, 1.3302, 1.3353, 1.3438 and 1.3532 levels respectively.
- Alternatively, a consistent close below 1.3172 will drag the parity down towards key support at 1.3132/1.3005/1.2855 levels respectively.
- Important to note here that 20D, 30D and 55D EMA heads down and confirms the bearish trend in a daily chart.
We prefer to take short position in USD/SGD around 1.3170, stop loss 1.3208 and target of 1.3132/1.3005.
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