- USD/SGD is currently trading around 1.3730 marks.
- It made intraday high at 1.3743 and low at 1.3722 levels.
- Intraday bias remains neutral till the time pair holds key support at 1.3678 marks.
- A sustained close above 1.3743 will test key resistances at 1.3799, 1.3842, 1.3851(March 16, 2016 high), 1.4073 (20D EMA) and 1.4132(20D, 30D and 55D EMA crossover).
- Alternatively, a consistent break below 1.3680 will drag the parity down towards key supports at 1.3646/1.3587/1.3510/1.3462/1.3391/1.3347/1.3313/1.3302/ 1.3271 levels.
- Important to note here that 20D, 30D and 55D EMA heads up and confirms the bullish trend in a daily chart. Current down side movement is short term trend correction only.
We prefer to go long on USD/SGD only above 1.3743 with stop loss at 1.3680 and target of 1.3799/1.3842.
