FxWirePro: USD/SGD back above 1.38, faces strong resistance at 1.3823
USD/SGD is currently trading around 1.3816 marks. It made intraday high at 1.3829 and low at 1.3791 levels. Intraday bias remains neutral till the time pair holds key resistance at 1.3823 levels. A sustained close above …
It made intraday high at 1.3829 and low at 1.3791 levels.
Intraday bias remains neutral till the time pair holds key resistance at 1.3823 levels.
A sustained close above 1.3823 tests key resistances at 1.3851(March 16, 2016 high), 1.4073 (20D EMA) and 1.4132(20D, 30D and 55D EMA crossover).
Alternatively, a daily close below 1.3721 will drag the parity down towards key supports 1.3628 (55D EMA) /1.3548/1.3420 (April 13, 2016 low) /1.3357 (April 20, 2016 low) /1.3318/1.3302 levels.
Important to note here that, 20D, 30D and 55D EMA heads up and confirm the bullish trend.
We prefer to take long position in USD/SGD only above 1.3832, stop loss 1.3721 and target 1.4073 marks.
