- USD/SGD is currently trading around 1.4244 marks.
- It made intraday high at 1.4248 and low at 1.4226 levels.
- Intraday bias remains slightly bearish for the moment.
- A sustained close above 1.4334 will test key resistances at 1.4365, 1.4443, 1.4481 and 1.4556 levels respectively.
- Alternatively, a consistent close below 1.4234 will drag the parity down towards key supports at 1.4150/1.4046/1.3972/1.3819/1.3775/1.3704/1.3646 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 go short on USD/SGD around 1.4260, stop loss at 1.4334 and target of 1.4150/1.4046.
