FxWirePro: USD/SGD trades in narrow range, downside limited
USD/SGD is currently trading around 1.4484 marks. It made intraday high at 1.4504 and low at 1.4479 levels. Intraday bias remains neutral till the time pair holds key support at 1.4469 marks. A sustained close above 1.45…
It made intraday high at 1.4504 and low at 1.4479 levels.
Intraday bias remains neutral till the time pair holds key support at 1.4469 marks.
A sustained close above 1.4501 will test key resistances at 1.4568, 1.4686 and 1.4851 levels respectively.
Alternatively, a consistent close below 1.4469 will drag the parity down towards key supports at 1.4410/1.4357/1.4219/1.4150/1.4046/1.3972/1.3819/1.3775/1.3704/1.3646 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 go long on USD/SGD only above 1.4501, stop loss at 1.4450 and target of 1.4568.
