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FxWirePro: USD/SGD trades in narrow range, stay bearish

  • USD/SGD is currently trading around 1.3563 marks.
     
  • It made intraday high at 1.3585 and low at 1.3562 levels.
     
  • Intraday bias remains bearish till the time pair holds key resistance at 1.3615 mark.
     
  • A daily close above 1.3567 will test key resistances at 1.3615, 1.3788, 1.3822, 1.3949, 1.4046, 1.4095, 1.4128, 1.4219 and 1.4310 levels respectively.
     
  • Alternatively, a consistent close below 1.3567 will drag the parity down towards key supports at 1.3542/1.3512/1.3435/1.3347 levels respectively.
     
  • Important to note here that 20D, 30D and 55D EMA heads down and confirms the bearish trend in a daily chart.
     
  • Singapore June bank lending S$635.5 bln.
     
  • Singapore June housing and bridging loans at S$194.8 bln vs S$187.2 bln year earlier.

We prefer to take short position in USD/SGD around 1.3570, stop loss at 1.3615 and target of 1.3512.

FxWirePro launches Absolute Return Managed Program. For more details, visit http://www.fxwirepro.com/invest

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