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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 1.4501 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.

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