FxWirePro: USD/SGD consolidates around 1.3750 mark, good to sell on rallies
USD/SGD is currently trading around 1.3746 marks. It made intraday high at 1.3761 and low at 1.3736 levels. Intraday bias remains neutral till the time pair holds key support at 1.3720 mark. A daily close above 1.3790 wi…
It made intraday high at 1.3761 and low at 1.3736 levels.
Intraday bias remains neutral till the time pair holds key support at 1.3720 mark.
A daily close above 1.3790 will test key resistances at 1.3857, 1.3913, 1.3945, 1.3984 and 1.4012 marks respectively.
Alternatively, a consistent close below 1.3720 will drag the parity down towards key supports at 1.3667, 1.3622 and 1.3580 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.
We prefer to take short position on USD/SGD around 1.3750, stop loss at 1.3790 and target of 1.3720/1.3668.
