- USD/SGD is currently trading around 1.3786 marks.
- It made intraday high at 1.3793 and low at 1.3781 levels.
- Intraday bias remains neutral till the time pair holds key resistance at 1.3790 mark.
- A daily close above 1.3790 will test key resistances at 1.3857, 1.3913, 1.3945, 1.3984 and 1.4012 marks respectively.
- Alternatively, a consistent close below 1.3733 will drag the parity down towards key supports at 1.3667, 1.3622 and 1.3580 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.
- Singapore will release industrial prodution data around 0500 GMT.
We prefer to take long position on USD/SGD only above 1.3805, stop loss at 1.3770 and target of 1.3857/1.3913.
