FxWirePro: USD/SGD breaks key support at 1.4256, downside limited
USD/SGD is currently trading around 1.4255 marks. It made intraday high at 1.4261 and low at 1.4246 levels. Intraday bias remains neutral till the time pair holds key support at 1.4256 marks. A sustained close above 1.43…
It made intraday high at 1.4261 and low at 1.4246 levels.
Intraday bias remains neutral till the time pair holds key support at 1.4256 marks.
A sustained close above 1.4335 will test key resistances at 1.4443, 1.4481 and 1.4556 levels respectively.
Alternatively, a consistent close below 1.4335 will drag the parity down towards key supports at 1.4208/1.4128/1.4046/1.3972/1.3819/1.3775/1.3704/1.3646 levels respectively.
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.
Positioning is inconclusive at this point, with prices offering no clear cut signal to initiate a long or short trade. We will continue to remain on sidelines for the time being.
