- USD/SGD is currently trading around 1.4388 marks.
- It made intraday high at 1.4407 and low at 1.4355 levels.
- Intraday bias remains bearish till the time pair holds key resistance at 1.4505 marks.
- A daily close above 1.4505 will test key resistances at 1.4568, 1.4686 and 1.4851 levels respectively.
- Alternatively, a consistent close below 1.4394 will drag the parity down towards key supports at 1.4355/1.4219/1.4150/1.4046/1.3972/1.3819/1.3775/1.3704/1.3646 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 1.4390, stop loss at 1.4506 and target of 1.4219.
