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FxWirePro: USD/SGD hovers around 1.36 mark, good to sell on rallies

  • USD/SGD is currently trading around 1.3598 marks.
     
  • It made intraday high at 1.3602 and low at 1.3583 levels.
     
  • Intraday bias remains slightly bearish till the time pair holds key resistance at 1.3652 mark.
     
  • A daily close above 1.3590 will test key resistances at 1.3652, 1.3715, 1.3768, 1.3822, 1.3949, 1.4046, 1.4095, 1.4128, 1.4219 and 1.4310 levels respectively.
     
  • Alternatively, a consistent close below 1.3590 will drag the parity down towards key supports at 1.3510/1.3492/1.3460/1.3418/1.3346/1.3217/1.3164/1.3005 levels respectively.
     
  • Important to note here that 20D, 30D and 55D EMA heads up and confirms the bullish trend in a daily chart. Current downside movement is short term trend correction only.

We prefer to take short position on USD/SGD only below 1.3582, stop loss at 1.3652 and target of 1.3510.

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