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FxWirePro: USD/SGD hovers around key support at 1.3838, sustained close below targets 1.3704 mark

Thursday, May 25, 2017 2:38 AM UTC

USD/SGD is currently trading around 1.3840 marks.
It made intraday high at 1.3856 and low at 1.3838 levels.
Intraday bias remains bearish till the time pair holds key resistance at 1.3918 marks.
A daily close above 1.3845 will test key resistances at 1.3918, 1.3988, 1.4046, 1.4095, 1.4128, 1.4219, 1.4266, 1.4327, 1.4409 and 1.4506 levels respectively.

Alternatively, a consistent close below 1.3838 will drag the parity down towards key supports at 1.3776/1.3704/1.3631 levels respectively.
Important to note here that 20D, 30D and 55D EMA heads down and confirms the bearish trend in a daily chart.

We prefer to take short position in USD/SGD only below 1.3838, stop loss 1.3918 and target of 1.3704.

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FxWirePro: USD/SGD hovers around key support at 1.3838, sustained close below targets 1.3704 mark

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