- USD/SGD is currently trading around 1.4217 marks.
- It made intraday high at 1.4244 and low at 1.4212 levels.
- Intraday bias remains neutral till the time pair holds key support at 1.4200 marks.
- A daily close above 1.4240 will test key resistances at 1.4297, 1.4409, 1.4506, 1.4568, 1.4686 and 1.4851 levels respectively.
- Alternatively, a consistent close below 1.4240 will drag the parity down towards key supports at 1.4200/1.4136/1.4083/1.3972/1.3819/1.3775/1.3704/1.3646 levels respectively.
- 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 take long position in USD/SGD around 1.4215, stop loss 1.4197 and target of 1.4297.
