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FxWirePro: Singapore dollar appreciates in early Asia, intraday bias remains slightly bearish

  • USD/SGD is currently trading around 1.3482 marks.
     
  • It made intraday high at 1.3498 and low at 1.3481 levels.
     
  • Intraday bias remains slightly bearish for the moment.
     
  • A daily close above 1.3490 will test key resistances at 1.3508, 1.3550, 1.3602, 1.3652, 1.3715, 1.3768, 1.3822, 1.3949, 1.4046, 1.4095, 1.4128, 1.4219 and 1.4310 levels respectively.
     
  • Alternatively, a consistent close below 1.3490 will drag the parity down towards key support at 1.3432/1.3396/1.3346/1.3217/1.3164/1.3005 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 1.3490, stop loss 1.3510 and target of 1.3432/1.3396/1.3346.

FxWirePro launches Absolute Return Managed Program. For more details, visit http://www.fxwirepro.com/invest

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