FxWirePro: USD/SGD hovers around key support at 1.3798 mark, sustained close below requires for downside rally

• USD/SGD is currently trading around 1.3805 marks.
   
• It made intraday high at 1.3813 and low at 1.3796 levels.
   
• Intraday bias remains neutral till the time pair holds key support at 1.3798 mark.
   
• A daily close above 1.3798 will test key resistances at 1.3857, 1.3913, 1.3945, 1.3984 and 1.4012 marks respectively.
   
• Alternatively, a consistent close below 1.3798 will drag the parity down towards key supports at 1.3770, 1.3732 and 1.3668 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 long position on USD/SGD only above 1.3822, stop loss at 1.3790 and target of 1.3857/1.3913.