FxWirePro: Singapore dollar trade marginally higher ahead of retail sales data
USD/SGD is currently trading around 1.3505 marks. It made intraday high at 1.3516 and low at 1.3504 levels. Intraday bias remains neutral till the time pair holds key support at 1.3490 mark. A daily close above 1.3515 wi…
It made intraday high at 1.3516 and low at 1.3504 levels.
Intraday bias remains neutral till the time pair holds key support at 1.3490 mark.
A daily close above 1.3515 will test key resistances at 1.3537, 1.3590, 1.3637, 1.3670, 1.3706, 1.3770 and 1.3790 marks respectively.
Alternatively, a consistent close below 1.3487 will drag the parity down towards key supports at 1.3457, 1.3387, 1.3350 and 1.3267 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 around 0500 GMT.
We prefer to take long position on USD/SGD around 1.3500, stop loss at 1.3487 and target of 1.3537/1.3550.
