FxWirePro: USD/SGD hovers around key support at 1.3311 mark, consistent close below requires for downside rally

• USD/SGD is currently trading around 1.3315 marks.
   
• It made intraday high at 1.3327 and low at 1.3313 levels.
   
• Intraday bias remains bearish till the time pair holds key resistance at 1.3350 mark.
   
• A daily close above 1.3325 will test key resistances at 1.3370, 1.3438, 1.3490, 1.3532 and 1.3587 levels respectively.
   
• Alternatively, a consistent close below 1.3325 will drag the parity down towards key support at 1.3311/1.3255/1.3218 levels respectively.
   
• Important to note here that 20D, 30D and 55D EMA heads up and confirms the bullish trend in a daily chart. Current downside movement is short term trend correction only.

We prefer to take short position on USD/SGD only below 1.3311, stop loss 1.3350 and target of 1.3255.

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