FxWirePro: USD/SGD exhibits range bound movement, downside limited
USD/SGD is currently trading around 1.3963 marks. It made intraday high at 1.4001 and low at 1.3957 levels. Intraday bias remains bearish till the time pair holds key resistance at 1.4010 mark. A daily close above 1.4010…
It made intraday high at 1.4001 and low at 1.3957 levels.
Intraday bias remains bearish till the time pair holds key resistance at 1.4010 mark.
A daily close above 1.4010 will test key resistances at 1.4054, 1.4128, 1.4188, 1.4234, 1.4290 and 1.4357 marks respectively.
Alternatively, a consistent close below 1.3970 will drag the parity down towards key supports at 1.3938, 1.3852, 1.3790, 1.3748, 1.3702, 1.3643 and 1.3590 levels respectively.
Important to note here that 20D, 30D and 55D EMA heads up and confirms the bullish trend in a daily chart.
We prefer to take long position on USD/SGD around 1.3950, stop loss 1.3922 and target of 1.4010/1.4128/1.4188/1.4234.
