- USD/SGD is currently trading around 1.3224 marks.
- It made intraday high at 1.3238 and low at 1.3214 levels.
- Intraday bias remains slightly bullish till the time pair holds key support at 1.3215 mark.
- A daily close above 1.3215 will test key resistances at 1.3267, 1.3302, 1.3353, 1.3438, 1.3532, 1.3580, 1.3602, 1.3652, 1.3715, 1.3768, 1.3822 and 1.3949 levels respectively.
- Alternatively, a consistent close below 1.3215 will drag the parity down towards key support at 1.3199/1.3164/1.3015/1.2855 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.
We prefer to take short position in USD/SGD around 1.3228, stop loss 1.3267 and target of 1.3164/1.3132.
FxWirePro launches Absolute Return Managed Program. For more details, visit http://www.fxwirepro.com/invest