FxWirePro: Singapore dollar strengthens against US dollar in early Asia, good to sell on rallies
USD/SGD is currently trading around 1.3668 marks. It made intraday high at 1.3697 and low at 1.3666 levels. Intraday bias remains bearish till the time pair holds key resistance at 1.3740. A sustained close above 1.3740 …
It made intraday high at 1.3697 and low at 1.3666 levels.
Intraday bias remains bearish till the time pair holds key resistance at 1.3740.
A sustained close above 1.3740 tests key resistances at 1.3772 (July 31, 2015 high)/ 1.3817/ 1.3842 (March 08, 2016 high) marks respectively.
On the other side, a daily close below 1.3698 will drag the parity down towards key supports 1.3628 (55D EMA) /1.3548/1.3420 (April 13, 2016 low) /1.3357 (April 20, 2016 low) /1.3318/1.3302 levels.
We prefer to take short position in USD/SGD around 1.3680, stop loss 1.3740 and target 1.3628/ 1.3420 marks.
