- 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.
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