FxWirePro: USD/SGD hits fresh 3-week low at 1.4269, upside limited

• USD/SGD is currently trading around 1.4317 marks.
   
• It made intraday high at 1.4320 and low at 1.4269 levels.
   
• Intraday bias remains bearish till the time pair holds immediate resistance at 1.4407 marks.
   
• A daily close above 1.4407 will test key resistances at 1.4506, 1.4568, 1.4686 and 1.4851 levels respectively.
   
• Alternatively, a consistent close below 1.4283 will drag the parity down towards key supports at 1.4219/1.4150/1.4046/1.3972/1.3819/1.3775/1.3704/1.3646 levels respectively.
   
• Important to note here that 20D, 30D and 55D EMA heads up and confirms the bullish trend in a daily chart. Current downside movement is short term trend correction only.

We prefer to take short position in USD/SGD around 1.4330, stop loss at 1.4375 and target of 1.4269/1.4219.