- USD/SGD is currently trading around 1.3906 marks.
- It made intraday high at 1.3941 and low at 1.3893 levels.
- Intraday bias remains bearish till the time pair holds key resistance at 1.3950 mark.
- A daily close above 1.3950 will test key resistances at 1.4010, 1.4054, 1.4128, 1.4188, 1.4234, 1.4290 and 1.4357 marks respectively.
- Alternatively, a consistent close below 1.3892 will drag the parity down towards key supports at 1.3852, 1.3790, 1.3748, 1.3702, 1.3643 and 1.3590 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 term trend correction only.
We prefer to take short position on USD/SGD around 1.3910, stop loss 1.3950 and target of 1.3852/1.3838/1.3790.
