FxWirePro: USD/SGD stabilizes above 1.32 mark, faces strong resistance at 1.3254 mark

• USD/SGD is currently trading around 1.3228 marks.
   
• It made intraday high at 1.3234 and low at 1.3210 levels.
   
• Intraday bias remains slightly bullish for the moment.
   
• A daily close above 1.3217 will test key resistances at 1.3254, 1.3302, 1.3353, 1.3438 and 1.3532 levels respectively.
   
• Alternatively, a consistent close below 1.3217 will drag the parity down towards key support at 1.3162/1.3080/1.3005/1.2855/1.2754 levels respectively.

• Important to note here that 20D, 30D and 55D EMA heads down and confirms the bearish trend in a daily chart. Current upside movement is short term trend correction only.

We prefer to take long position in USD/SGD around 1.3225, stop loss 1.3160 and target of 1.3302.

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