FxWirePro: USD/SGD enjoys range bound movement around 1.3450 mark; stay bearish

• USD/SGD is currently trading around 1.3478 marks.
   
• It made intraday high at 1.3491 and low at 1.3457 levels.
   
• Intraday bias remains bearish till the time pair holds key
  resistance at 1.3538 marks. 
   
• A daily close below 1.3432 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 1.3538 will tests key resistances at 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.

We prefer to take short position in USD/SGD around 1.3480, stop loss 1.3538 and target 1.3410/ 1.3370 marks.