FxWirePro: USD/SGD hovers around key resistance at 1.3538, sustained break above targets 1.3610
USD/SGD is currently trading around 1.3527 marks. It made intraday high at 1.3532 and low at 1.3507 levels. Intraday bias remains neutral till the time pair holds key resistance at 1.3538 marks. A sustained close above 1…
It made intraday high at 1.3532 and low at 1.3507 levels.
Intraday bias remains neutral till the time pair holds key resistance at 1.3538 marks.
A sustained close above 1.3538 will test key resistances at 1.3610, 1.3799, 1.3836, 1.3851(March 16, 2016 high), 1.4073 (20D EMA) and 1.4132(20D, 30D and 55D EMA crossover).
On the other side, a daily close below 1.3488 will drag the parity down towards key supports at 1.3452/1.3391/1.3347/1.3313/1.3302/ 1.3271 levels.
Important to note here that in a daily chart, 20D, 30D and 55D EMA heads down and confirms the bearish trend. Current upside movement is short term trend correction only
We prefer to go long on USD/SGD only above 1.3542 with stop loss at 1.3472 and target of 1.3610.
