FxWirePro: USD/SGD rejects key resistance at 1.4289, short term trend reversal likely
USD/SGD is currently trading around 1.4218 marks. It made intraday high at 1.4243 and low at 1.4201 levels. Intraday bias remains bearish till the time pair holds key resistance at 1.4289 marks. A sustained close above 1…
It made intraday high at 1.4243 and low at 1.4201 levels.
Intraday bias remains bearish till the time pair holds key resistance at 1.4289 marks.
A sustained close above 1.4289 will test key resistances at 1.4336, 1.4443 and 1.4481 levels respectively.
Alternatively, a consistent close below 1.4216 will drag the parity down towards key supports at 1.4128/1.4046/1.3972/1.3819/1.3775/1.3704/1.3646/1.3587/1.3510/1.3462/1.3391/1.3347/1.3313/1.3302/ 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 downside movement is short term correction only.
We prefer to go short on USD/SGD around 1.4225 with stop loss at 1.4289 and target of 1.4132.
