FxWirePro: USD/SGD fails to sustain below 1.40 mark, short term trend reversal likely

• USD/SGD is currently trading around 1.4104 marks.
   
• It made intraday high at 1.4105 and low at 1.4027 levels.
   
• Intraday bias remains bullish till the time pair holds key support at 1.3975 marks.
   
• A daily close above 1.4030 will test key resistances at 1.4161, 1.4205, 1.4327, 1.4409, 1.4506, 1.4568, 1.4686 and 1.4851 levels respectively.
   
• Alternatively, a consistent close below 1.4030 will drag the parity down towards key supports at 1.3975/1.3851/1.3775/1.3704/1.3646 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.

We prefer to take long position in USD/SGD around 1.4080, stop loss at 1.3975 and target of 1.4161.