- USD/SGD is currently trading around 1.3592 marks.
- It made intraday high at 1.3607 and low at 1.3577 levels.
- Intraday bias remains bullish till the time pair holds initial support at 1.3572 marks.
- A sustained close above 1.3615 will test key resistances at 1.3660, 1.3732, 1.3799, 1.3836, 1.3851(March 16, 2016 high), 1.4073 (20D EMA) and 1.4132(20D, 30D and 55D EMA crossover).
- On the other side, a daily close below 1.3572 will drag the parity down towards key supports at 1.3533/1.3488/1.3452/1.3391/1.3347/1.3313/1.3302/ 1.3271 levels.
- 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 go long on USD/SGD only above 1.3614 with stop loss at 1.3513 and target of 1.3799.
