- USD/SGD is currently trading around 1.3556 marks.
- It made intraday high at 1.3563 and low at 1.3551 levels.
- Intraday bias remains bearish till the time pair holds key resistance at 1.3610 mark.
- A daily close above 1.3557 will test key resistances at 1.3622, 1.3788, 1.3822, 1.3949, 1.4046, 1.4095, 1.4128, 1.4219 and 1.4310 levels respectively.
- Alternatively, a consistent close below 1.3557 will drag the parity down towards key supports at 1.3506/1.3466/1.3435/1.3347 levels respectively.
- Important to note here that 20D, 30D and 55D EMA heads down and confirms the bearish trend in a daily chart.
We prefer to take short position in USD/SGD around 1.3565, stop loss 1.3600 and target of 1.3506.
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