FxWirePro: USD/SGD trades in narrow range, good to sell on rallies

• USD/SGD is currently trading around 1.3892 marks.
   
• It made intraday high at 1.3893 and low at 1.3879 levels.
   
• Intraday bias remains neutral till the time pair holds key resistance at 1.3920 mark.
   
• A daily close above 1.3892 will test key resistances at 1.3949, 1.4046, 1.4095, 1.4128, 1.4219, 1.4266, 1.4327, 1.4409 and 1.4506 levels respectively.
   
• Alternatively, a consistent close below 1.3892 will drag the parity down towards key supports at 1.3851/1.3809/1.3750/1.3708/1.3631 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 1.3900, stop loss 1.3949 and target of 1.3851/1.3809.

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