FxWirePro: USD/SGD trades in narrow range, good to sell on rallies
USD/SGD is currently trading around 1.3558 marks. It made intraday high at 1.3559 and low at 1.3550 levels. Intraday bias remains bullish till the time pair holds key support at 1.3537 mark. A daily close above 1.3572 wi…
It made intraday high at 1.3559 and low at 1.3550 levels.
Intraday bias remains bullish till the time pair holds key support at 1.3537 mark.
A daily close above 1.3572 will test key resistances at 1.3590, 1.3637, 1.3670, 1.3706, 1.3770 and 1.3790 marks respectively.
Alternatively, a consistent close below 1.3537 will drag the parity down towards key supports at 1.3490, 1.3447 and 1.3387 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 on USD/SGD around 1.3575, stop loss at 1.3590 and target of 1.3537/1.3490.
