FxWirePro: USD/SGD rejects key support at 1.3490 mark, stay long
USD/SGD is currently trading around 1.3506 marks. It made intraday high at 1.3526 and low at 1.3497 levels. Intraday bias remains slightly bullish till the time pair holds key support at 1.3490 mark. A daily close above …
It made intraday high at 1.3526 and low at 1.3497 levels.
Intraday bias remains slightly bullish till the time pair holds key support at 1.3490 mark.
A daily close above 1.3537 will test key resistances at 1.3550, 1.3590, 1.3637, 1.3670, 1.3706, 1.3770 and 1.3790 marks respectively.
Alternatively, a consistent close below 1.3490 will drag the parity down towards key supports at 1.3457, 1.3387, 1.3350 and 1.3267 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 around 1.3502, stop loss at 1.3490 and target of 1.3537/1.3550.
