FxWirePro: Singapore dollar trades marginally higher against U.S. dollar, downside limited

• USD/SGD is currently trading around 1.4545 marks.
   
• It made intraday high at 1.4624 and low at 1.4519 levels.
   
• Intraday bias remains bearish till the time pair holds key resistance at 1.4606 mark.
   
• A daily close above 1.4606 will test key resistances at 1.4647, 1.47, 1.4762, 1.4818 and 1.4850 marks respectively.
   
• Alternatively, a consistent close below 1.4490 will drag the parity down towards key supports at 1.4450, 1.4383, 1.4210, 1.4174, 1.4102, 1.4044, 1.3938 and 1.3870 levels respectively.
   
• 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 take short position on USD/SGD around 1.4550, stop loss 1.4625 and target of 1.4490/1.4383.