FxWirePro: USD/SGD falls below 1.36 mark, good to sell on rallies
USD/SGD is currently trading around 1.3564 marks. It made intraday high at 1.3571 and low at 1.3546 levels. Intraday bias remains bearish till the time pair holds key resistance at 1.3632 marks. A sustained close above 1…
It made intraday high at 1.3571 and low at 1.3546 levels.
Intraday bias remains bearish till the time pair holds key resistance at 1.3632 marks.
A sustained close above 1.3632 will test key resistances at 1.3660, 1.3732, 1.3799, 1.3836, 1.3851(March 16, 2016 high), 1.4073 (20D EMA) and 1.4132(20D, 30D and 55D EMA crossover).
On the other side, a daily close below 1.3546 will drag the parity down towards key supports at 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.
We prefer to go short on USD/SGD around 1.3570 with stop loss at 1.3632 and target of 1.3462.
