FxWirePro: USD/SGD trades in narrow range, upside limited

• USD/SGD is currently trading around 1.3342 marks.
   
• It made intraday high at 1.3346 and low at 1.3311 levels.
   
• Intraday bias remains neutral till the time pair holds key resistance at 1.3350 mark.
   
• A daily close above 1.3339 will test key resistances at 1.3370, 1.3438, 1.3490, 1.3532 and 1.3587 levels respectively.
   
• Alternatively, a consistent close below 1.3339 will drag the parity down towards key support at 1.3255/1.3218/1.3120 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 1.3340, stop loss 1.3370 and target of 1.3255.

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