FxWirePro: USD/SGD consolidates around 1.38 mark, upside limited
USD/SGD is currently trading around 1.3803 marks. It made intraday high at 1.3805 and low at 1.3792 levels. Intraday bias remains neutral till the time pair holds key support at 1.3798 mark. A daily close above 1.3798 wi…
It made intraday high at 1.3805 and low at 1.3792 levels.
Intraday bias remains neutral till the time pair holds key support at 1.3798 mark.
A daily close above 1.3798 will test key resistances at 1.3857, 1.3913, 1.3945, 1.3984 and 1.4012 marks respectively.
Alternatively, a consistent close below 1.3798 will drag the parity down towards key supports at 1.3770, 1.3732 and 1.3668 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 1.3805, stop loss at 1.3822 and target of 1.3732.
