FxWirePro: Singapore dollar trades marginally lower in early Asia, short term trend reversal likely
USD/SGD is currently trading around 1.3542 marks. It made intraday high at 1.3543 and low at 1.3522 levels. Intraday bias remains slightly bullish till the time pair holds key support at 1.3520 mark. A daily close above …
It made intraday high at 1.3543 and low at 1.3522 levels.
Intraday bias remains slightly bullish till the time pair holds key support at 1.3520 mark.
A daily close above 1.3522 will test key resistances at 1.3570, 1.3615, 1.3672, 1.3720, 1.3770 and 1.3790 marks respectively.
Alternatively, a consistent close below 1.3522 will drag the parity down towards key supports at 1.3490, 1.3470, 1.3422, 1.3378 and 1.3315 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 long position on USD/SGD around 1.3535, stop loss at 1.3520 and target of 1.3570/1.3590.
