FxWirePro: USD/SGD trades in narrow range, bias remains neutral

• USD/SGD is currently trading around 1.3085 marks.
   
• It made intraday high at 1.3089 and low at 1.3060 levels.
   
• Intraday bias remains neutral till the time pair holds key support at 1.3072 mark.
   
• A daily close above 1.3106 will test key resistances at 1.3132, 1.3176, 1.3208, 1.3254, 1.3302, 1.3353, 1.3438 and 1.3532 levels respectively.
   
• Alternatively, a consistent close below 1.3072 will drag the parity down towards key support at 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. Current upside movement is short term trend correction only.

We prefer to take short position in USD/SGD around 1.3120, stop loss 1.3148 and target of 1.3005/1.2977.

FxWirePro launches Absolute Return Managed Program. For more details, visit http://www.fxwirepro.com/invest