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FxWirePro: USD/SGD fails to drop below 1.41 mark, stay bullish above 1.4159

  • USD/SGD is currently trading around 1.4140 marks.
     
  • It made intraday high at 1.4149 and low at 1.4130 levels.
     
  • Intraday bias remains neutral till the time pair holds key support at 1.4096 marks.
     
  • A sustained break above 1.4159 will test key resistances at 1.4228, 1.4336 and 1.4443 levels respectively.
     
  • Alternatively, a consistent close below 1.4096 will drag the parity down towards key supports at 1.4046/1.3970/1.3819/1.3775/1.3704/1.3646/1.3587/1.3510/1.3462/1.3391/1.3347/1.3313/1.3302/ 1.3271 levels.
     
  • Important to note here that 20D, 30D and 55D EMA heads up and confirms the bullish trend in a daily chart. Current down side movement is short term trend correction only.
     
  • Yesterday Singapore released retail sales data. Singapore September total retail sales -0.7 pct m/m and +2.0 pct y/y.

We prefer to go long on USD/SGD only above 1.4159 with stop loss at 1.4096 and target of 1.4228/1.4336.

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