- USD/SGD is currently trading around 1.3556 marks.
- It made intraday high at 1.3585 and low at 1.3555 levels.
- Intraday bias remains bearish till the time pair holds key resistance at 1.3590 marks.
- A daily close above 1.3585 will test key resistances at 1.3638, 1.3680, 1.3760, 1.3813, 1.3854 and 1.3945 marks respectively.
- Alternatively, a consistent close below 1.3585 will drag the parity down towards key supports at 1.3555, 1.3512, 1.3454, 1.3388 and 1.3320 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 on USD/SGD around 1.3565, stop loss at 1.3590 and target of 1.3512.
