- USD/SGD is currently trading around 1.3980 marks.
- It made intraday high at 1.3988 and low at 1.3975 levels.
- Intraday bias remains neutral till the time pair holds key resistance at 1.3992 marks.
- A daily close above 1.3992 will test key resistances at 1.4027, 1.4077, 1.4160, 1.4219, 1.4266, 1.4327, 1.4409 and 1.4506 levels respectively.
- Alternatively, a consistent close below 1.3958 will drag the parity down towards key supports at 1.3930/1.3908/1.3851/1.3775/1.3704/1.3646 levels respectively.
- Important to note here that 20D, 30D and 55D EMA heads down and confirms the bearish trend in a daily chart.
We prefer to go long on USD/SGD around 1.3970, stop loss 1.3945 and target of 1.4027/1.4077.
