FxWirePro: USD/SGD hovers around key support at 1.3570 mark, consistent close below requires for downside rally
USD/SGD is currently trading around 1.3586 marks. It made intraday high at 1.3588 and low at 1.3568 levels. Intraday bias remains slightly bearish for the moment. A daily close above 1.3599 will test key resistances at 1…
It made intraday high at 1.3588 and low at 1.3568 levels.
Intraday bias remains slightly bearish for the moment.
A daily close above 1.3599 will test key resistances at 1.3672, 1.3720, 1.3770 and 1.3790 marks respectively.
Alternatively, a consistent close below 1.3570 will drag the parity down towards key supports at 1.3538, 1.3499, 1.3465, 1.3422 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 1.3585, stop loss at 1.3620 and target of 1.3538.
