FxWirePro: USD/SGD remains well supported above 1.42 mark, faces strong support at 1.4208

• USD/SGD is currently trading around 1.4238 marks.
   
• It made intraday high at 1.4251 and low at 1.4226 levels.
   
• Intraday bias remains neutral till the time pair holds key support at 1.4208 marks.
   
• A sustained close above 1.4250 will test key resistances at 1.4286, 1.4345, 1.4443, 1.4481 and 1.4556 levels respectively.
   
• Alternatively, a consistent close below 1.4208 will drag the parity down towards key supports at 1.4128/1.4046/1.3972/1.3819/1.3775/1.3704/1.3646/1.3587/1.3510/1.3462/1.3391/1.3347/1.3313/1.3302/ 1.3271 levels.
   
• Important to note here that 20D, 30D and 55D EMA heads up and confirms the bullish trend in a daily chart. Current downside movement is short term trend correction only.

Positioning is inconclusive at this point, with prices offering no clear cut signal to initiate a long or short trade. We will continue to remain on sidelines for the time being.