- USD/SGD is currently trading around 1.3465 marks.
- It made intraday high at 1.3474 and low at 1.3448 levels.
- Intraday bias remains bullish till the time pair holds key resistance at 1.3422 marks.
- A daily close below 1.3400 will drag the parity down towards key supports at 1.3367/1.3313/1.3302/ 1.3271 levels.
- Alternatively, a sustained close above 1.3450 will test key resistances at 1.3492, 1.3537, 1.3638, 1.3799, 1.3836, 1.3851(March 16, 2016 high), 1.4073 (20D EMA) and 1.4132(20D, 30D and 55D EMA crossover).
- Important to note here that in a daily chart, 20D, 30D and 55D EMA heads down and confirms the bearish trend. Current upside movement is short term trend correction only.
- Singapore will release retail sales data at 0500 GMT.
We prefer to take short position in USD/SGD around 1.3475, stop loss at 1.3535 and target 1.3367/1.3313.
