FxWirePro: USD/SGD hits fresh 4-month low at 1.3948, good to sell on rallies

• USD/SGD is currently trading around 1.3953 marks.
   
• It made intraday high at 1.3988 and low at 1.3948 levels.
   
• Intraday bias remains bearish till the time pair holds key resistance at 1.4020 marks.
   
• A daily close above 1.3988 will test key resistances at 1.4020, 1.4064, 1.4090, 1.4160, 1.4219, 1.4266, 1.4327, 1.4409, 1.4506, 1.4568, 1.4686 and 1.4851 levels respectively.
   
• Alternatively, a consistent close below 1.3988 will drag the parity down towards key supports at 1.3948/1.3920/1.3851/1.3775/1.3704/1.3646 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 in USD/SGD around 1.3960, stop loss 1.4020 and target of 1.3851.