- USD/SGD is currently trading around 1.4123 marks.
- It made intraday high at 1.4136 and low at 1.4111 levels.
- Intraday bias remains neutral for the moment.
- A daily close above 1.4114 will test key resistances at 1.4168, 1.4212, 1.4297, 1.4409, 1.4506, 1.4568, 1.4686 and 1.4851 levels respectively.
- Alternatively, a consistent close below 1.4114 will drag the parity down towards key supports at 1.4046/1.3972/1.3819/1.3775/1.3704/1.3646 levels respectively.
- 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 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.
