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 1.41…
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.
