FxWirePro: USD/SGD trades in narrow range, Singapore’s CPI data in focus
USD/SGD is currently trading around 1.3517 marks. It made intraday high at 1.3532 and low at 1.3516 levels. Intraday bias remains bearish till the time pair holds key resistance at 1.3538 mark. A daily close above 1.3538…
It made intraday high at 1.3532 and low at 1.3516 levels.
Intraday bias remains bearish till the time pair holds key resistance at 1.3538 mark.
A daily close above 1.3538 will test key resistances at 1.3570, 1.3615, 1.3672, 1.3720, 1.3770 and 1.3790 marks respectively.
Alternatively, a consistent close below 1.3525 will drag the parity down towards key supports at 1.3490, 1.3470, 1.3422, 1.3378 and 1.3315 levels respectively.
Important to note here that 20D, 30D and 55D EMA heads down and confirms the bearish trend in a daily chart.
Singapore will release CPI as well as core CPI data around 0500 GMT.
We prefer to take long position on USD/SGD only above 1.3538, stop loss at 1.3500 and target of 1.3570/1.3615.
