Singapore dollar erases previous gain against US dollar, intraday bias remains bullish
USD/SGD is currently trading around 1.3592 marks. It made intraday high at 1.3610 and low at 1.3574 levels. Intraday bias remains bullish till the time pair holds key support at 1.3487 levels. A break below 1.3487 will t…
It made intraday high at 1.3610 and low at 1.3574 levels.
Intraday bias remains bullish till the time pair holds key support at 1.3487 levels.
A break below 1.3487 will tests the next support at 1.3440/ 1.3404 marks.
Alternatively, reversal from key support will drag the parity up towards 1.3723 marks.
On the other side, a sustained break above 1.3817 is required to confirm some more upside movement and drag the parity towards initial resistances at 1.3842/1.3895/1.3964 marks thereafter.
Important to note here that 20D, 30D and 55D EMA heads down and signals bearish trend and current upside movement is likely to be short term correction only.
We prefer to take long position in USD/SGD around 1.3590, stop loss 1.3487 and target 1.3723/ 1.3817 levels.
