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FxWirePro: USD/SGD breaks key resistance at 1.3452, good to buy on dips

             

  • USD/SGD is currently trading around 1.3474 marks.
     
  • It made intraday high at 1.3492 and low at 1.3450 levels.
     
  • Intraday bias remains bullish till the time pair holds key support at 1.3428 marks. 
     
  • A daily close below 1.3398 will drag the parity down towards key supports at 1.3313/1.3302/ 1.3271 levels.
     
  • Alternatively, a sustained close above 1.3452 will test key resistances at 1.3537, 1.3638, 1.3799, 1.3836, 1.3851(March 16, 2016 high), 1.4073 (20D EMA) and 1.4132(20D, 30D and 55D EMA crossover).

We prefer to take long position in USD/SGD around 1.3465 with stop loss at 1.3428 and target of 1.3542.

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