- USD/SGD is currently trading around 1.3655 marks.
- It made intraday high at 1.3666 and low at 1.3650 levels.
- Intraday bias remains neutral till the time pair holds key resistance at 1.3675 marks.
- A daily close above 1.3654 will test key resistances at 1.3690, 1.3720, 1.3780, 1.3820, 1.3854 and 1.3905 levels respectively.
- Alternatively, a consistent close below 1.3654 will drag the parity down towards key supports at 1.3620/1.3570/1.3510/1.3450 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 take long position on USD/SGD only above 1.3690, stop loss at 1.3638 and target of 1.3780.
