FxWirePro: USD/SGD trades in narrow range, sustained close below 1.4241 requires for downside rally
USD/SGD is currently trading around 1.4245 marks. It made intraday high at 1.4263 and low at 1.4232 levels. Intraday bias remains neutral till the time pair holds key support at 1.4210 mark. A daily close above 1.4241 wi…
It made intraday high at 1.4263 and low at 1.4232 levels.
Intraday bias remains neutral till the time pair holds key support at 1.4210 mark.
A daily close above 1.4241 will test key resistances at 1.4310, 1.4383, 1.4542, 1.4606, 1.47, 1.4762, 1.4818 and 1.4850 marks respectively.
Alternatively, a consistent close below 1.4241 will drag the parity down towards key supports at 1.4210, 1.4174, 1.4102, 1.4044, 1.3938 and 1.3870 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.
Positioning is inconclusive at this point. We remain sideways for the time being.
