FxWirePro: Singapore dollar trades marginally lower in early hours of Asia, sustained close above 1.3505 requires for upside rally

• USD/SGD is currently trading around 1.3473 marks.
   
• It made intraday high at 1.3480 and low at 1.3460 levels.
   
• Intraday bias remains neutral till the time pair holds key resistance at 1.3505 mark.
   
• A daily close above 1.3505 will test key resistances at 1.3538, 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 1.3460 will drag the parity down towards key supports at 1.3401/1.3346/1.3217/1.3164/1.3005 levels respectively.
   
• Important to note here that 20D, 30D and 55D EMA heads down and confirms the bearish trend in a daily chart. Current upside movement is short term trend correction only.

We prefer to take short position in USD/SGD only below 1.3460, stop loss 1.3505 and target of 1.3401/1.3346.

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