FxWirePro: USD/SGD trades in narrow range, sustained close below 1.3976 requires for downside rally

• USD/SGD is currently trading around 1.3967 marks.
   
• It made intraday high at 1.3979 and low at 1.3963 levels.
   
• Intraday bias remains slightly bearish till the time pair holds key resistance at 1.4010 mark.
   
• A daily close above 1.4010 will test key resistances at 1.4054, 1.4128, 1.4188, 1.4234, 1.4290 and 1.4357 marks respectively.
   
• Alternatively, a consistent close below 1.3976 will drag the parity down towards key supports at 1.3938, 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 around 1.3975, stop loss 1.40 and target of 1.3938.