FxWirePro: USD/SGD exhibits range bound movement, stay bearish
USD/SGD is currently trading around 1.4078 marks. It made intraday high at 1.4096 and low at 1.4054 levels. Intraday bias remains bearish for the moment. A daily close above 1.4096 will test key resistances at 1.4168, 1.…
It made intraday high at 1.4096 and low at 1.4054 levels.
Intraday bias remains bearish for the moment.
A daily close above 1.4096 will test key resistances at 1.4168, 1.4212, 1.4297, 1.4409, 1.4506, 1.4568, 1.4686 and 1.4851 levels respectively.
Alternatively, a consistent close below 1.4096 will drag the parity down towards key supports at 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 down and confirms the bearish trend in a daily chart.
We prefer to take short position in USD/SGD around 1.4080, stop loss at 1.4168 and target of 1.3972.
