FxWirePro: USD/SGD trades in narrow range, stay bearish only below 1.3538 mark

• USD/SGD is currently trading around 1.3541 marks.
   
• It made intraday high at 1.3549 and low at 1.3540 levels.
   
• Intraday bias remains neutral till the time pair holds key support at 1.3538 mark.
   
• A daily close above 1.3550 will test key resistances at 1.3590, 1.3615, 1.3672, 1.3720, 1.3770 and 1.3790 marks respectively.
   
• Alternatively, a consistent close below 1.3538 will drag the parity down towards key supports at 1.3522, 1.3490, 1.3422, 1.3378 and 1.3315 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 only below 1.3538, stop loss at 1.3570 and target of 1.3490.