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- USD/SGD is currently trading around 1.3926 marks.
- It made intraday high at 1.3946 and low at 1.3929 levels.
- Intraday bias remains bearish till the time pair holds key resistance at 1.3971 marks.
- A daily close above 1.3938 will test key resistances at 1.3971, 1.4027, 1.4077, 1.4160, 1.4219, 1.4266, 1.4327, 1.4409 and 1.4506 levels respectively.
- Alternatively, a consistent close below 1.3938 will drag the parity down towards key supports at 1.3906/1.3851/1.3775/1.3704/1.3646 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 1.3930, stop loss 1.3971 and target of 1.3906/1.3851.
