- USD/SGD is currently trading around 1.3837 marks.
- It made intraday high at 1.3856 and low at 1.3833 levels.
- Intraday bias remains bearish till the time pair holds key resistance at 1.3876 marks.
- A sustained close above 1.3876 will test key resistances at 1.3917, 1.4045, 1.4073 (20D EMA) and 1.4132(20D, 30D and 55D EMA crossover) marks respectively.
- Alternatively, a consistent break below 1.3839 will drag the parity down towards key supports at 1.3775/1.3704/1.3646/1.3587/1.3510/1.3462/1.3391/1.3347/1.3313/1.3302/ 1.3271 levels.
- Important to note here that 20D, 30D and 55D EMA heads up and confirms the bullish trend in a daily chart. Current downside movement is short term trend correction only.
We prefer to go short on USD/SGD around 1.3845 with stop loss at 1.3876 and target of 1.3775.
