FxWirePro: Singapore dollar strengthens sharply against U.S. dollar, bias remains bearish

• USD/SGD is currently trading around 1.34666 marks.
   
• It made intraday high at 1.3478 and low at 1.3443 levels.
   
• Intraday bias remains bearish till the time pair holds initial resistance at 1.3488 marks. 
   
• A sustained close above 1.3488 will test key resistances at 1.3530, 1.3605, 1.3660, 1.3732, 1.3799, 1.3836, 1.3851(March 16, 2016 high), 1.4073 (20D EMA) and 1.4132(20D, 30D and 55D EMA crossover).
   
• On the other side, a daily close below 1.3450 will drag the parity down towards key supports at 1.3391/1.3347/1.3313/1.3302/ 1.3271 levels.
   
• Important to note here that 20D, 30D and 55D EMA heads up and confirms the bullish trend in a daily chart. Current downside movement is short term trend correction only.

We prefer to go short on USD/SGD around 1.3475 with stop loss at 1.3530 and target of 1.3391/1.3347.