FxWirePro: USD/SGD rejects key support at 1.3470 mark, short term trend reversal likely

• USD/SGD is currently trading around 1.3486 marks.
   
• It made intraday high at 1.3495 and low at 1.3477 levels.
   
• Intraday bias remains slightly bullish till the time pair holds key support at 1.3470 mark.
   
• A daily close above 1.3485 will test key resistances at 1.3538, 1.3570, 1.3590, 1.3615, 1.3672, 1.3720, 1.3770 and 1.3790 marks respectively.
   
• Alternatively, a consistent close below 1.3485 will drag the parity down towards key supports at 1.3470, 1.3450, 1.3422, 1.3378 and 1.3315 levels respectively.
   
• Important to note here that 20D, 30D and 55D EMA heads down and confirms the bearish trend in a daily chart. Current upside movement is short term trend correction only.

We prefer to take long position on USD/SGD only above 1.3499, stop loss at 1.3470 and target of 1.3538/1.3570.