FxWirePro: USD/SGD breaks key support at 1.3528, stay bearish
USD/SGD is currently trading around 1.3526 marks. It made intraday high at 1.3546 and low at 1.3516 levels. Intraday bias remains bearish till the time pair holds key resistance at 1.3627 levels. A daily close below 1.35…
It made intraday high at 1.3546 and low at 1.3516 levels.
Intraday bias remains bearish till the time pair holds key resistance at 1.3627 levels.
A daily close below 1.3516 will drag the parity down towards key supports at 1.3460, 1.3357 (April 20, 2016 low)/1.3318/1.3302/ 1.3271 levels.
Alternatively, reversal from key support will test key resistances at 1.3646, 1.3799, 1.3836, 1.3851(March 16, 2016 high), 1.4073 (20D EMA) and 1.4132(20D, 30D and 55D EMA crossover).
Important to note here that, 20D, 30D and 55D EMA heads down and confirm the bearish trend.
We prefer to take short position in USD/SGD only below 1.3517, stop loss 1.3627 and target 1.3458/ 1.3357 marks.
