FxWirePro: USD/SGD remains well supported below 1.35 mark, good to sell on rallies
USD/SGD is currently trading around 1.3462 marks. It made intraday high at 1.3481 and low at 1.3436 levels. Intraday bias remains bearish till the time pair holds initial resistance at 1.3538 marks. A sustained close abo…
It made intraday high at 1.3481 and low at 1.3436 levels.
Intraday bias remains bearish till the time pair holds initial resistance at 1.3538 marks.
A sustained close above 1.35 will test key resistances at 1.3538, 1.3605, 1.3660, 1.3732, 1.3799, 1.3836, 1.3851(March 16, 2016 high), 1.4073 (20D EMA) and 1.4132(20D, 30D and 55D EMA crossover).
On the other side, a daily close below 1.3432 will drag the parity down towards key supports at 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.
We prefer to go short on USD/SGD around 1.3465 with stop loss at 1.3538 and target of 1.3391/1.3347.
