FxWirePro: USD/SGD rejects key resistance at 1.4297, bias turns bearish again

• USD/SGD is currently trading around 1.4198 marks.
   
• It made intraday high at 1.4212 and low at 1.4190 levels.
   
• Intraday bias remains bearish till the time pair holds key resistance at 1.4297 mark. 
   
• A daily close above 1.4211 will test key resistances at 1.4297, 1.4409, 1.4506, 1.4568, 1.4686 and 1.4851 levels respectively.
   
• Alternatively, a consistent close below 1.4211 will drag the parity down towards key supports at 1.4152/1.4112/1.4046/1.3972/1.3819/1.3775/1.3704/1.3646 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 trend correction only.

We prefer to take short position in USD/SGD around 1.4200, stop loss 1.4297 and target of 1.4152/1.4112.