FxWirePro: USD/SGD stable around 1.3850 mark, upside limited
USD/SGD is currently trading around 1.3852 marks. It made intraday high at 1.3855 and low at 1.3836 levels. Intraday bias remains bullish till the time pair holds key support at 1.3836 marks. A sustained close above 1.38…
It made intraday high at 1.3855 and low at 1.3836 levels.
Intraday bias remains bullish till the time pair holds key support at 1.3836 marks.
A sustained close above 1.3860 will test key resistances at 1.3917, 1.4045, 1.4073 (20D EMA) and 1.4132(20D, 30D and 55D EMA crossover) marks respectively.
Alternatively, a consistent break below 1.3836 will drag the parity down towards key supports at 1.3775/1.3704/1.3646/1.3587/1.3510/1.3462/1.3391/1.3347/1.3313/1.3302/ 1.3271 levels.
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 go short on USD/SGD only below 1.3842 with stop loss at 1.3917 and target of 1.3775.
