- USD/SGD is currently trading around 1.4243 marks.
- It made intraday high at 1.4274 and low at 1.4235 levels.
- Intraday bias remains bearish till the time pair holds key resistance at 1.4309 mark.
- A daily close above 1.4257 will test key resistances at 1.4310, 1.4409, 1.4506, 1.4568, 1.4686 and 1.4851 levels respectively.
- Alternatively, a consistent close below 1.4257 will drag the parity down towards key supports at 1.4152/1.4046/1.3972/1.3819/1.3775/1.3704/1.3646 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 trend correction only.
We prefer to take short position in USD/SGD around 1.4250, stop loss 1.4310 and target of 1.4152/1.4046.
