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FxWirePro: USD/SGD jumps above 1.42 mark, sustained close above targets 1.4409

  • USD/SGD is currently trading around 1.4210 marks.
     
  • It made intraday high at 1.4220 and low at 1.4179 levels.
     
  • Intraday bias remains slightly bullish till the time pair holds key support at 1.4150 marks.
     
  • A daily close above 1.42 will test key resistances at 1.4250, 1.4409, 1.4506, 1.4568, 1.4686 and 1.4851 levels respectively.
     
  • Alternatively, a consistent close below 1.42 will drag the parity down towards key supports at 1.4150/1.4083/1.3972/1.3819/1.3775/1.3704/1.3646 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 in USD/SGD only above 1.4222, stop loss at 1.4170 and target of 1.4327.

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