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FxWirePro: USD/SGD remains well supported above 1.38 mark, good to buy on dips

  • USD/SGD is currently trading around 1.3886 marks.
     
  • It made intraday high at 1.3895 and low at 1.3854 levels.
     
  • Intraday bias remains bullish till the time pair holds key support at 1.3839 marks.
     
  • A sustained close above 1.3895 will test key resistances at 1.3929, 1.4073 (20D EMA) and 1.4132(20D, 30D and 55D EMA crossover) marks respectively.
     
  • Alternatively, a consistent break below 1.3839 will drag the parity down towards key supports at 1.3775/1.3704/1.3646/1.3587/1.3510/1.3462/1.3391/1.3347/1.3313/1.3302/ 1.3271 levels.
     
  • Important to note here that 20D, 30D and 55D EMA heads up and confirms the bullish trend in a daily chart.

We prefer to go long on USD/SGD around 1.3870 with stop loss at 1.3839 and target of 1.4068.

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