- USD/SGD is currently trading around 1.3780 marks.
- It made intraday high at 1.3795 and low at 1.3775 levels.
- Intraday bias remains bearish till the time pair holds key resistance at 1.3824 mark.
- A daily close above 1.3792 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 1.3792 will drag the parity down towards key supports at 1.3743/1.3708/1.3631 levels respectively.
- Important to note here that 20D, 30D and 55D EMA heads down and confirms the bearish trend in a daily chart.
- Singapore May bank lending S$633.
- Singapore May housing and bridging loans at S$ 193.7 bln vs S$ 186.5 bln year earlier.
We prefer to take short position in USD/SGD around 1.3785, stop loss at 1.3824 and target of 1.3743/1.3700.
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