FxWirePro: USD/SGD trades in narrow range, upside limited
USD/SGD is currently trading around 1.3570 marks. It made intraday high at 1.3576 and low at 1.3567 levels. Intraday bias remains bearish till the time pair holds key resistance at 1.3590 mark. A daily close above 1.3574…
It made intraday high at 1.3576 and low at 1.3567 levels.
Intraday bias remains bearish till the time pair holds key resistance at 1.3590 mark.
A daily close above 1.3574 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 1.3574 will drag the parity down towards key supports at 1.3538, 1.3490, 1.3470, 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.
We prefer to take short position on USD/SGD around 1.3575, stop loss at 1.3600 and target of 1.3538.
