FxWirePro: USD/SGD fails to fall below 1.3750 mark, short term trend reversal likely

• USD/SGD is currently trading around 1.3780 marks.
   
• It made intraday high at 1.3782 and low at 1.3757 levels.
   
• Intraday bias remains bullish till the time pair holds key support at 1.3750 mark.
   
• A daily close above 1.3765 will test key resistances at 1.3824, 1.3874, 1.3949, 1.4046, 1.4095, 1.4128, 1.4219, 1.4266, 1.4327, 1.4409 and 1.4506 levels respectively.
   
• Alternatively, a consistent close below 1.3765 will drag the parity down towards key supports at 1.3708/1.3631 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 Q2 private home prices -0.3 pct from Q1.

We prefer to take long position in USD/SGD around 1.3775, stop loss at 1.3750 and target of 1.38/1.3824.

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