FxWirePro: USD/SGD hovers around 1.39 mark, faces strong resistance at 1.3949
USD/SGD is currently trading around 1.3893 marks. It made intraday high at 1.3902 and low at 1.3883 levels. Intraday bias remains slightly bullish till the time pair holds key support at 1.3851 mark. A daily close above …
It made intraday high at 1.3902 and low at 1.3883 levels.
Intraday bias remains slightly bullish till the time pair holds key support at 1.3851 mark.
A daily close above 1.3900 will test key resistances at 1.3949, 1.4046, 1.4095, 1.4128, 1.4219, 1.4266, 1.4327, 1.4409 and 1.4506 levels respectively.
Alternatively, a consistent close below 1.3893 will drag the parity down towards key supports at 1.3851/1.3809/1.3750/1.3708/1.3631 levels respectively.
Important to note here that 20D, 30D and 55D EMA heads down and confirms the bearish trend in a daily chart. Current upside movement is short term trend correction only.
We prefer to take long position in USD/SGD around 1.3890, stop loss 1.3851 and target of 1.3949/1.3978.
