- USD/SGD is currently trading around 1.3684 marks.
- It made intraday high at 1.3699 and low at 1.3683 levels.
- Intraday bias remains bearish till the time pair holds key resistance at 1.3720 marks.
- A sustained close above 1.3720 will test key resistances at 1.3732, 1.3774, 1.3836, 1.3851(March 16, 2016 high), 1.4073 (20D EMA) and 1.4132(20D, 30D and 55D EMA crossover).
- Alternatively, current downfall will drag the parity towards key supports at 1.3646/1.3587/1.3510/1.3462/1.3391/1.3347/1.3313/1.3302/ 1.3271 levels.
- Important to note here that 20D, 30D and 55D EMA heads up and confirms the bullish trend in a daily chart. Current down side movement is short term trend correction only.
We prefer to go short on USD/SGD around 1.3690 with stop loss at 1.3720 and target of 1.3646/1.3587.
