FxWirePro: USD/SGD remains well supported above 1.35 mark, upside limited
USD/SGD is currently trading around 1.3550 marks. It made intraday high at 1.3560 and low at 1.3543 levels. Intraday bias remains slightly bullish till the time pair holds key support at 1.3538 mark. A daily close above …
It made intraday high at 1.3560 and low at 1.3543 levels.
Intraday bias remains slightly bullish till the time pair holds key support at 1.3538 mark.
A daily close above 1.3543 will test key resistances at 1.3570, 1.3615, 1.3672, 1.3720, 1.3770 and 1.3790 marks respectively.
Alternatively, a consistent close below 1.3543 will drag the parity down towards key supports at 1.3490, 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 short position on USD/SGD only below 1.3530, stop loss at 1.3570 and target of 1.3490/1.3422.
