FxWirePro: USD/SGD touches 1.3825 mark in early Asia, good to sell on rallies
USD/SGD is currently trading around 1.3863 marks. It made intraday high at 1.3864 and low at 1.3825 levels. Intraday bias remains slightly bullish for the moment. A daily close above 1.3846 will test key resistances at 1…
It made intraday high at 1.3864 and low at 1.3825 levels.
Intraday bias remains slightly bullish for the moment.
A daily close above 1.3846 will test key resistances at 1.3880, 1.3950, 1.4010, 1.4054, 1.4128, 1.4188, 1.4234, 1.4290 and 1.4357 marks respectively.
Alternatively, a consistent close below 1.3846 will drag the parity down towards key supports at 1.3822, 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 1.3870, stop loss 1.39 and target of 1.3822/1.3790.
