- USD/SGD is currently trading around 1.4111marks.
- It made intraday high at 1.4124 and low at 1.4088 levels.
- Intraday bias remains slightly bullish till the time pair holds key support at 1.3975 marks.
- A daily close above 1.4089 will test key resistances at 1.4161, 1.4205, 1.4327, 1.4409, 1.4506, 1.4568, 1.4686 and 1.4851 levels respectively.
- Alternatively, a consistent close below 1.4089 will drag the parity down towards key supports at 1.4027/1.3975/1.3851/1.3775/1.3704/1.3646 levels respectively.
- Important to note here that 20D, 30D and 55D EMA heads down and confirms the bearish trend in a daily chart. Current upside movement is short term trend correction only.
We prefer to take short position in USD/SGD around 1.4125, stop loss at 1.4161 and target of 1.4027.
