FxWirePro: Singapore dollar trades marginally lower, upside limited

• USD/SGD is currently trading around 1.3127 marks.
   
• It made intraday high at 1.3129 and low at 1.3097 levels.
   
• Intraday bias remains neutral till the time pair holds key resistance at 1.3132 mark.
   
• A daily close above 1.3132 will test key resistances at 1.3176, 1.3208, 1.3254, 1.3302, 1.3353, 1.3438 and 1.3532 levels respectively.
   
• Alternatively, a consistent close below 1.3072 will drag the parity down towards key support at 1.3005/1.2855/1.2754 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 long position in USD/SGD only above 1.3132, stop loss 1.3072 and target of 1.3208/1.3254.

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