- USD/SGD is currently trading around 1.3195 marks.
- It made intraday high at 1.3208 and low at 1.3180 levels.
- Intraday bias remains bearish till the time pair holds key resistance at 1.3232 mark.
- A daily close above 1.3198 will test key resistances at 1.3285, 1.3340, 1.3438 and 1.3532 levels respectively.
- Alternatively, a consistent close below 1.3198 will drag the parity down towards key support at 1.3132/1.3090/1.3005/1.2855/1.2754 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 1.3200, stop loss at 1.3232 and target of 1.3090.
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