- USD/SGD is currently trading around 1.3646 marks.
- It made intraday high at 1.3691 and low at 1.3644 levels.
- Intraday bias remains bearish till the time pair holds key resistance at 1.3698 marks.
- A daily close below 1.3605 will drag the parity down towards key supports at 1.3538/1.3462/1.3391/1.3347/1.3313/1.3302/ 1.3271 levels.
- Alternatively, a sustained close above 1.3698 will test key resistances at 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).
- 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 1.3640 with stop loss at 1.3605 and target of 1.3698/1.3799.
