FxWirePro: USD/SGD fails to find support above 1.35, intraday bias remains neutral
USD/SGD is currently trading around 1.3492 marks. It made intraday high at 1.3511 and low at 1.3477 levels. Intraday bias remains neutral till the time pair holds initial resistance at 1.3552 levels. On the other side, a…
It made intraday high at 1.3511 and low at 1.3477 levels.
Intraday bias remains neutral till the time pair holds initial resistance at 1.3552 levels.
On the other side, a daily close below 1.3415 will drag the parity down towards 1.3318 levels.
Alternatively, a sustained break above 1.3552 tests key resistances at 1.3628/1. 3772/ 1.3817/ 1.3842 marks respectively.
Important to note here that, 20D, 30D and 55D EMA heads down in daily chart and confirms bearish trend. A current rebound is short term correction only.
Positioning is inconclusive at this point, with prices offering no clear cut signal to initiate a long or short trade. We will continue to remain on sidelines for the time being.
