FxWirePro: USD/SGD hovers around key support at 1.3470 mark, consistent close below requires for downside rally

• USD/SGD is currently trading around 1.3484 marks.
   
• It made intraday high at 1.3486 and low at 1.3471 levels.
   
• Intraday bias remains slightly bullish till the time pair holds key support at 1.3470 mark.
   
• A daily close above 1.3470 will test key resistances at 1.3538, 1.3570, 1.3590, 1.3615, 1.3672, 1.3720, 1.3770 and 1.3790 marks respectively.
   
• Alternatively, a consistent close below 1.3470 will drag the parity down towards key supports at 1.3450, 1.3422, 1.3378 and 1.3315 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 1.3490, stop loss at 1.3510 and target of 1.3422.