FxWirePro: USD/SGD stabilizes below 1.3150 mark, consistent close below requires for downside rally

• USD/SGD is currently trading around 1.3144 marks.
   
• It made intraday high at 1.3168 and low at 1.3137 levels.
   
• Intraday bias remains bearish till the time pair holds key resistance at 1.3202 mark.
   
• A daily close above 1.3156 will test key resistances at 1.3202, 1.3285, 1.3340, 1.3438 and 1.3532 levels respectively.
   
• Alternatively, a consistent close below 1.3156 will drag the parity down towards key support at 1.3110/1.3089/1.3052/1.3005/1.2855/1.2754 levels respectively.
   
• Important to note here that 20D, 30D and 55D EMA heads down and confirms the bearish trend in a daily chart.

We prefer to take short position on USD/SGD around 1.3150, stop loss at 1.3202 and target of 1.3110/.1.3052.

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