FxWirePro: USD/SGD hovers around key support at 1.3422, good to sell on rallies

 

• USD/SGD is currently trading around 1.3423 marks.
   
• It made intraday high at 1.3433 and low at 1.3414 levels.
   
• Intraday bias remains neutral till the time pair holds key support at 1.3422 marks. 
   
• A daily close below 1.3422 will drag the parity down towards key supports at 1.3367/1.3313/1.3302/ 1.3271 levels.
   
• Alternatively, a sustained close above 1.3475 will test key resistances at 1.3537, 1.3638, 1.3799, 1.3836, 1.3851(March 16, 2016 high), 1.4073 (20D EMA) and 1.4132(20D, 30D and 55D EMA crossover).
   
• Important to note here that in a daily chart, 20D, 30D and 55D EMA heads down and confirms the bearish trend.

We prefer to take short position in USD/SGD only below 1.3422, stop loss at 1.3537 and target 1.3367/1.3313.