FxWirePro: USD/SGD hits fresh 3-week low at 1.3120 mark, good to sell on rallies

• USD/SGD is currently trading around 1.3128 marks.
   
• It made intraday high at 1.3132 and low at 1.3120 levels.
   
• Intraday bias remains bearish till the time pair holds key resistance at 1.3170 mark.
   
• A daily close above 1.3128 will test key resistances at 1.3170, 1.3232, 1.3285, 1.3340, 1.3438 and 1.3532 levels respectively.
   
• Alternatively, a consistent close below 1.3128 will drag the parity down towards key support at 1.3090/1.3005/1.2855/1.2754 levels respectively.
   
• Important to note here that 20D, 30D and 55D EMA heads down and confirms the bearish trend in a daily chart.

We prefer to take short position on USD/SGD around 1.3130, stop loss at 1.3172 and target of 1.3005.

FxWirePro launches Absolute Return Managed Program. For more details, visit http://www.fxwirepro.com/invest