FxWirePro: USD/SGD fails to break key resistance at 1.3570 mark, Singapore’s CPI data in focus
USD/SGD is currently trading around 1.3562 marks. It made intraday high at 1.3565 and low at 1.3559 levels. Intraday bias remains neutral till the time pair holds key resistance at 1.3570 mark. A daily close above 1.3565…
It made intraday high at 1.3565 and low at 1.3559 levels.
Intraday bias remains neutral till the time pair holds key resistance at 1.3570 mark.
A daily close above 1.3565 will test key resistances at 1.3590, 1.3615 and 1.3672 marks respectively.
Alternatively, a consistent close below 1.3519 will drag the parity down towards key supports at 1.3490, 1.3422, 1.3378 and 1.3315 levels respectively.
Important to note here that 20D, 30D and 55D EMA heads down and confirms the bearish trend in a daily chart. Current upside movement is short term trend correction only.
Singapore will release CPI data around 0500 GMT.
We prefer to take long position on USD/SGD only above 1.3570, stop loss at 1.3550 and target of 1.3590/1.3615.
