- USD/SGD is currently supported above 1.3700 levels and trading around 1.3761 marks.
- It made intraday high at 1.3786 and low at 1.3755 levels.
- Intraday bias remains neutral for the moment.
- On the other side, a sustained break above yesterday’s high (1.3777) is required to confirm the short term trend reversal.
- A sustained break below 1.3699 will take the parity towards 1.3623 and 1.3486 marks thereafter.
- Alternatively, reversal from key support will turn the bias bullish and drag the parity towards key resistance at 1.3842/1.3964 marks.
- Key resistance falls at 1.40 marks and pair likely to consolidate below this level.
- Important to note here that overall trend remains bearish as 20D, 30D and 55D EMA heads down and signals bearish trend.
Trade idea: Go long in USD/SGD at 1.3770, stop loss 1.3710 and target 1.3842/1.3895 marks.
