FxWirePro: USD/SGD hovers around key support at 1.3545 mark, sustained close below requires for downside rally

• USD/SGD is currently trading around 1.3547 marks.
   
• It made intraday high at 1.3574 and low at 1.3545 levels.
   
• Intraday bias remains bearish till the time pair holds key resistance at 1.3585 mark.
   
• A daily close above 1.3570 will test key resistances at 1.3622, 1.3788, 1.3822, 1.3949, 1.4046, 1.4095, 1.4128, 1.4219 and 1.4310 levels respectively.
   
• Alternatively, a consistent close below 1.3570 will drag the parity down towards key supports at 1.3545/1.3506/1.3466/1.3435/1.3347 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 in USD/SGD around 1.3555, stop loss 1.3685 and target of 1.3506.

FxWirePro launches Absolute Return Managed Program. For more details, visit http://www.fxwirepro.com/invest