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FxWirePro: USD/SGD rejects key support at 1.3690 mark, good to buy on dips

  • USD/SGD is currently trading around 1.3731 marks.
     
  • It made intraday high at 1.3745 and low at 1.3723 levels.
     
  • Intraday bias remains neutral for the moment.
     
  • A daily close above 1.3744 will test key resistances at 1.3770, 1.3790, 1.3838, 1.3872, 1.3905, 1.3948 and 1.4050 levels respectively.
     
  • Alternatively, a consistent close below 1.3744 will drag the parity down towards key supports at 1.3690/1.3668/1.3620/1.3570/1.3510 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 long position on USD/SGD around 1.3715, stop loss at 1.3690 and target of 1.3770.

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