FxWirePro: USD/SGD hits fresh 3-week high at 1.3614 mark, Singapore’s retail sales data in focus
USD/SGD is currently trading around 1.3601 marks. It made intraday high at 1.3614 and low at 1.3596 levels. Intraday bias remains bullish till the time pair holds key support at 1.3550 mark. A daily close above 1.3609 wi…
It made intraday high at 1.3614 and low at 1.3596 levels.
Intraday bias remains bullish till the time pair holds key support at 1.3550 mark.
A daily close above 1.3609 will test key resistances at 1.3615, 1.3672, 1.3720, 1.3770 and 1.3790 marks respectively.
Alternatively, a consistent close below 1.3609 will drag the parity down towards key supports at 1.3570, 1.3538, 1.3490, 1.3465, 1.3422 and 1.3315 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 will release retail sales data at 0500 GMT.
We prefer to take long position on USD/SGD only above 1.3615, stop loss at 1.3570 and target of 1.3672.
