FxWirePro: USD/SGD hits fresh 7 –week low, 1.3357 in focus
USD/SGD is currently trading around 1.3439 marks. It made intraday high at 1.3493 and low at 1.3442 levels. Intraday bias remains bearish till the time pair holds key resistance at 1.3545 levels. A daily close below 1.34…
It made intraday high at 1.3493 and low at 1.3442 levels.
Intraday bias remains bearish till the time pair holds key resistance at 1.3545 levels.
A daily close below 1.3465 will drag the parity down towards key supports at 1.3422(April 11, 2016 low)/1.3357 (April 20, 2016 low) /1.3318/1.3302 levels.
Alternatively, a sustained close above 1.3545 is required to test key resistances at 1.3622, 1.3799, 1.3836, 1.3851(March 16, 2016 high), 1.4073 (20D EMA) and 1.4132(20D, 30D and 55D EMA crossover).
Important to note here that, 20D, 30D and 55D EMA heads down and confirm the bearish trend.
We prefer to take short position in USD/SGD at 1.3465, stop loss 1.3545 and target 1.3357/ 1.3318 marks.
