FxWirePro: USD/SGD fails to fall below 1.3550 mark, sustained close below requires for downside rally
USD/SGD is currently trading around 1.3565 marks. It made intraday high at 1.3571 and low at 1.3556 levels. Intraday bias remains bearish till the time pair holds key resistance at 1.3590 mark. A daily close above 1.3559…
It made intraday high at 1.3571 and low at 1.3556 levels.
Intraday bias remains bearish till the time pair holds key resistance at 1.3590 mark.
A daily close above 1.3559 will test key resistances at 1.3570, 1.3615, 1.3672, 1.3720, 1.3770 and 1.3790 marks respectively.
Alternatively, a consistent close below 1.3559 will drag the parity down towards key supports at 1.3538, 1.3490, 1.3470, 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.
We prefer to take short position on USD/SGD only below 1.3550, stop loss at 1.3590 and target of 1.3490.
