FxWirePro: Singapore dollar strengthens against US dollar, stay bearish
USD/SGD is currently trading around 1.3439 marks. It made intraday high at 1.3464 and low at 1.3429 levels. Intraday bias remains bearish till the time pair holds key resistance at 1.3451 levels. A daily close below 1.34…
It made intraday high at 1.3464 and low at 1.3429 levels.
Intraday bias remains bearish till the time pair holds key resistance at 1.3451 levels.
A daily close below 1.3410 will drag the parity down towards key supports at 1.3357 (April 20, 2016 low)/1.3318/1.3302/ 1.3271 levels.
Alternatively, reversal from key support will test key resistances at 1.3528, 1.3646, 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 around 1.3445, stop loss 1.3482 and target 1.3357/ 1.3318 marks.
