FxWirePro: USD/SGD exhibits range bound movement, bias remains neutral

• USD/SGD is currently trading around 1.3900 marks.
   
• It made intraday high at 1.3909 and low at 1.3897 levels.
   
• Intraday bias remains neutral till the time pair holds key resistance at 1.3915 mark.
   
• A daily close above 1.3915 will test key resistances at 1.3949, 1.4046, 1.4095, 1.4128, 1.4219, 1.4266, 1.4327, 1.4409 and 1.4506 levels respectively.
   
• Alternatively, a consistent close below 1.3880 will drag the parity down towards key supports at 1.3851/1.3809/1.3750/1.3708/1.3631 levels respectively.
   
• Important to note here that 20D, 30D and 55D EMA heads down and confirms the bearish trend in a daily chart. Current upside movement is short term trend correction only.

Positioning is inconclusive at this point, with prices offering no clear cut signal to initiate a long or short trade. We will continue to remain on sidelines for the time being.

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