- USD/SGD is currently trading around 1.3909 marks.
- It made intraday high at 1.3923 and low at 1.3883 levels.
- Intraday bias remains neutral till the time pair holds key support at 1.3880 mark.
- A daily close above 1.3923 will test key resistances at 1.3950, 1.4010, 1.4054, 1.4128, 1.4188, 1.4234, 1.4290 and 1.4357 marks respectively.
- Alternatively, a consistent close below 1.3902 will drag the parity down towards key supports at 1.3852, 1.3790, 1.3748, 1.3702, 1.3643 and 1.3590 levels respectively.
- Important to note here that 20D, 30D and 55D EMA heads up and confirms the bullish trend in a daily chart. Current downside movement is short term trend correction only.
We prefer to take short position on USD/SGD only below 1.3880, stop loss 1.3925 and target of 1.3852/1.3838/1.3790.
