FxWirePro: USD/SGD rejects key resistance at 1.4179, short term trend reversal likely

• USD/SGD is currently trading around 1.4124 marks.
   
• It made intraday high at 1.4151 and low at 1.4109 levels.
   
• Intraday bias remains bearish till the time pair holds key resistance at 1.4179 marks.
   
• A sustained break above 1.4179 will test key resistances at 1.4228, 1.4336 and 1.4443 levels respectively.
   
• Alternatively, a consistent close below 1.4126 will drag the parity down towards key supports at 1.4072/1.3970/1.3819/1.3775/1.3704/1.3646/1.3587/1.3510/1.3462/1.3391/1.3347/1.3313/1.3302/ 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.
   
• Singapore will release retail sales data at 0500 GMT.

We prefer to go short on USD/SGD around 1.4125 with stop loss at 1.4179 and target of 1.4072/1.3970.