- USD/SGD is currently trading around 1.3806 marks.
- It made intraday high at 1.3821 and low at 1.3799 levels.
- Intraday bias remains bearish till the time pair holds key resistance at 1.3855 marks.
- A daily close above 1.3820 will test key resistances at 1.3855, 1.3949, 1.4046, 1.4095, 1.4128, 1.4219, 1.4266, 1.4327, 1.4409 and 1.4506 levels respectively.
- Alternatively, a consistent close below 1.3848 will drag the parity down towards key supports at 1.3800/1.3757/1.3708/1.3631 levels respectively.
- Important to note here that 20D, 30D and 55D EMA heads down and confirms the bearish trend in a daily chart.
- Singapore will release retail sales data at 0500 GMT.
We prefer to take short position in USD/SGD around 1.3810, stop loss at 1.3855 and target of 1.3757.
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