- USD/SGD is currently trading around 1.3873 marks.
- It made intraday high at 1.3879 and low at 1.3869 levels.
- Intraday bias remains neutral till the time pair holds key support at 1.3870 mark.
- A daily close above 1.3870 will test key resistances at 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 1.3870 will drag the parity down towards key supports at 1.3809/1.3750/1.3708/1.3631 levels respectively.
- Important to note here that 20D, 30D and 55D EMA heads down and confirms the bearish trend in a daily chart. Current upside movement is short term trend 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.
