FxWirePro: USD/SGD remains well supported below 1.38 mark, stay bearish

• USD/SGD is currently trading around 1.3777 marks.
   
• It made intraday high at 1.3782 and low at 1.3762 levels.
   
• Intraday bias remains bearish till the time pair holds key resistance at 1.3822 marks.
   
• A daily close above 1.3775 will test key resistances at 1.3822, 1.3949, 1.4046, 1.4095, 1.4128, 1.4219, 1.4266, 1.4327, 1.4409 and 1.4506 levels respectively.
   
• Alternatively, a consistent close below 1.3775 will drag the parity down towards key supports at 1.3757/1.3708/1.3631 levels respectively.
   
• Important to note here that 20D, 30D and 55D EMA heads down and confirms the bearish trend in a daily chart.
   
• Yesterday Singapore released retail sales data.
   
• Singapore May total retail sales -1.0 pct m/m.
   
• Singapore May total retail sales +0.9 pct y/y.

We prefer to take short position in USD/SGD around 1.3780, stop loss at 1.3820 and target of 1.3708.

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