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FxWirePro: USD/SGD trades in narrow range, faces immediate support at 1.3598 mark

  • USD/SGD is currently trading around 1.3616 marks.
     
  • It made intraday high at 1.3633 and low at 1.3615 levels.
     
  • Intraday bias remains neutral till the time pair holds key support at 1.3598 mark.
     
  • A daily close above 1.3621 will test key resistances at 1.3676, 1.3788, 1.3822, 1.3949, 1.4046, 1.4095, 1.4128, 1.4219 and 1.4310 levels respectively.
     
  • Alternatively, a consistent close below 1.3621 will drag the parity down towards key supports at 1.3598/1.3554/1.3512 levels respectively.
     
  • Important to note here that 20D, 30D and 55D EMA heads down and confirms the bearish trend in a daily chart.
     
  • Yesterday Singapore released CPI data.
     
  • Singapore June all items CPI +0.5 pct y/y (poll +0.7 pct).
     
  • Singapore June core CPI +1.5 pct y/y (poll +1.6 pct).

We prefer to take short position in USD/SGD around 1.3620, stop loss 1.3676 and target of 1.3554.

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