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FxWirePro: USD/SGD trades in narrow range, Singapore’s CPI data in focus

  • USD/SGD is currently trading around 1.3517 marks.
     
  • It made intraday high at 1.3532 and low at 1.3516 levels.
     
  • Intraday bias remains bearish till the time pair holds key resistance at 1.3538 mark.
     
  • A daily close above 1.3538 will test key resistances at 1.3570, 1.3615, 1.3672, 1.3720, 1.3770 and 1.3790 marks respectively.
     
  • Alternatively, a consistent close below 1.3525 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 CPI as well as core CPI data around 0500 GMT.

We prefer to take long position on USD/SGD only above 1.3538, stop loss at 1.3500 and target of 1.3570/1.3615.

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