FxWirePro: USD/SGD back below 1.39 mark, short term trend reversal likely
USD/SGD is currently trading around 1.3895 marks. It made intraday high at 1.3905 and low at 1.3891 levels. Intraday bias remains slightly bearish till the time pair holds key resistance at 1.3913 mark. A daily close abo…
It made intraday high at 1.3905 and low at 1.3891 levels.
Intraday bias remains slightly bearish till the time pair holds key resistance at 1.3913 mark.
A daily close above 1.3913 will test key resistances at 1.3945, 1.3984 and 1.4012 marks respectively.
Alternatively, a consistent close below 1.3872 will drag the parity down towards key supports at 1.3848, 1.3794, 1.3754 and 1.3670 levels respectively.
Important to note here that 20D, 30D and 55D EMA heads up and confirms the bullish trend in a daily chart.
We prefer to take short position on USD/SGD around 1.3900, stop loss at 1.3915 and target of 1.3848.
