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FxWirePro: USD/SGD touches key support at 1.3490 mark, Singapore’s manufacturing output data in focus

  • USD/SGD is currently trading ound 1.3496 marks.
     
  • It made intraday high at 1.3506 and low at 1.3490 levels.
     
  • Intraday bias remains neutral till the time pair holds key support at 1.3490 mark.
     
  • A daily close above 1.3500 will test key resistances at 1.3538, 1.3570, 1.3615, 1.3672, 1.3720, 1.3770 and 1.3790 marks respectively.
     
  • Alternatively, a consistent close below 1.3500 will drag the parity down towards key supports at 1.3490, 1.3470, 1.3422, 1.3378 and 1.3315 levels respectively.
     
  • Important to note here that 20D, 30D and 55D EMA heads down and confirms the bearish trend in a daily chart.
     
  • Singapore will release manufacturing output data around 0500 GMT.

We prefer to take short position on USD/SGD around 1.3502, stop loss at 1.3538 and target of 1.3490/1.3470.

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