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

• USD/SGD is currently trading around 1.4115 marks.
   
• It made intraday high at 1.4133 and low at 1.4114 levels.
   
• Intraday bias remains bearish till the time pair holds key resistance at 1.4168 marks.
   
• A daily close above 1.4120 will test key resistances at 1.4168, 1.4205, 1.4327, 1.4409, 1.4506, 1.4568, 1.4686 and 1.4851 levels respectively.
   
• Alternatively, a consistent close below 1.4120 will drag the parity down towards key supports at 1.4080/1.4027/1.3975/1.3851/1.3775/1.3704/1.3646 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 in USD/SGD around 1.4120, stop loss 1.4168 and target of 1.4027.