- USD/SGD is currently trading around 1.3685 marks.
- It made intraday high at 1.3696 and low at 1.3679 levels.
- Intraday bias remains neutral till the time pair holds key resistance at 1.3704 mark.
- A daily close above 1.3704 will test key resistances at 1.3740, 1.3768, 1.3813 and 1.3854 marks respectively.
- Alternatively, a consistent close below 1.3680 will drag the parity down towards key supports at 1.3625, 1.3599, 1.3570, 1.3522, 1.3490 and 1.3422 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 long position on USD/SGD only above 1.3704, stop loss at 1.3650 and target of 1.3768.
