- USD/SGD is currently trading around 1.3103 marks.
- It made intraday high at 1.3117 and low at 1.3093 levels.
- Intraday bias remains slightly bearish till the time pair holds key resistance at 1.3155 mark.
- A daily close above 1.3111 will test key resistances at 1.3172, 1.3232, 1.3285, 1.3340, 1.3438 and 1.3532 levels respectively.
- Alternatively, a consistent close below 1.3111 will drag the parity down towards key support at 1.3052/1.3005/1.2855/1.2754 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 1.3110, stop loss at 1.3155 and target of 1.3005.
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