- USD/SGD is currently trading around 1.3973 marks.
- It made intraday high at 1.3982 and low at 1.3965 levels.
- Intraday bias remains bearish till the time pair holds key resistance at 1.4046 marks.
- A daily close above 1.3982 will test key resistances at 1.4046, 1.4095, 1.4128, 1.4219, 1.4266, 1.4327, 1.4409 and 1.4506 levels respectively.
- Alternatively, a consistent close below 1.3982 will drag the parity down towards key supports at 1.3964/1.3919/1.3851/1.3775/1.3704/1.3646 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 in USD/SGD around 1.3980, stop loss 1.4027 and target of 1.3919.
