FxWirePro: USD/SGD enjoys range bound market movement, sell on rallies
USD/SGD is currently trading around 1.3506 marks. It made intraday high at 1.3519 and low at 1.3473 levels. Intraday bias remains neutral till the time pair holds key support at 1.3496 marks. A daily close below 1.3420 w…
It made intraday high at 1.3519 and low at 1.3473 levels.
Intraday bias remains neutral till the time pair holds key support at 1.3496 marks.
A daily close below 1.3420 will drag the parity down towards key supports at 1.3357 (April 20, 2016 low)/1.3318/1.3302/ 1.3271 levels.
Alternatively, a sustained close above 1.35 will tests key resistances at 1.3538, 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. Current upside movement is short term trend correction only.
We prefer to take short position in USD/SGD around 1.3510, stop loss 1.3548 and target 1.3420/ 1.3369 marks.
