FxWirePro: USD/SGD remains well supported above 1.3450, further sideways movement likely

 

• USD/SGD is currently trading around 1.3467 marks.
   
• It made intraday high at 1.3467 and low at 1.3455 levels.
   
• Intraday bias remains bullish till the time pair holds key support at 1.3457 mark.
   
• A daily close above 1.3475 will test key resistances at 1.3490, 1.3537, 1.3590, 1.3637, 1.3670, 1.3706, 1.3770 and 1.3790 marks respectively.
   
• Alternatively, a consistent close below 1.3457 will drag the parity down towards key supports at 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.

We prefer to take short position on USD/SGD around 1.3470, stop loss at 1.3490 and target of 1.3445/1.3387.