- USD/SGD is currently trading around 1.3476 marks.
- It made intraday high at 1.3530 and low at 1.3465 levels.
- Intraday bias remains bearish till the time pair holds key resistance at 1.3582 levels.
- A daily close below 1.35 will drag the parity down towards key supports at 1.3422(April 11, 2016 low), 1.3357 (April 20, 2016 low) /1.3318/1.3302 levels.
- Alternatively, a sustained close above 1.3582 is required to test key resistances at 1.3622, 1.3799, 1.3836, 1.3851(March 16, 2016 high), 1.4073 (20D EMA) and 1.4132(20D, 30D and 55D EMA crossover).
- Important to note here that, 20D, 30D and 55D EMA heads down and confirm the bearish trend.
We prefer to take short position in USD/SGD at 1.3485, stop loss 1.3582 and target 1.3404/1.3361 marks.
