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FxWirePro: USD/SGD remains well supported below 1.3780 mark, short term trend reversal likely

  • USD/SGD is currently trading around 1.3758 marks.
     
  • It made intraday high at 1.3778 and low at 1.3752 levels.
     
  • Intraday bias remains slightly bearish till the time pair holds key resistance at 1.3780 mark.
     
  • A daily close above 1.3780 will test key resistances at 1.3813, 1.3854 and 1.3945 marks respectively.
     
  • Alternatively, a consistent close below 1.3780 will drag the parity down towards key supports at 1.3690, 1.3650, 1.3625, 1.3599, 1.3570, 1.3522, 1.3490 and 1.3422 levels respectively.
     
  • Important to note here that 20D, 30D and 55D EMA heads up and confirms the bullish trend in a daily chart.

We prefer to take long position on USD/SGD only above 1.3780, stop loss at 1.3720 and target of 1.3854.

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