FxWirePro: USD/SGD exhibits range bound movement, faces strong resistance at 1.4505

• USD/SGD is currently trading around 1.4498 marks.
   
• It made intraday high at 1.4507 and low at 1.4492 levels.
   
• Intraday bias remains neutral till the time pair holds key resistance at 1.4505 marks.
   
• A daily close above 1.4505 will test key resistances at 1.4568, 1.4686 and 1.4851 levels respectively.
   
• Alternatively, a consistent close below 1.4450 will drag the parity down towards key supports at 1.4410/1.4357/1.4219/1.4150/1.4046/1.3972/1.3819/1.3775/1.3704/1.3646 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 go long on USD/SGD only above 1.4505, stop loss at 1.4450 and target of 1.4568/1.4612.