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FxWirePro: USD/SGD trades in narrow range, faces strong resistance at 1.3949 mark

  • USD/SGD is currently trading around 1.3926 marks.
     
  • It made intraday high at 1.3934 and low at 1.3923 levels.
     
  • Intraday bias remains bearish till the time pair holds key resistance at 1.3949 marks. 
     
  • A daily close above 1.3928 will test key resistances at 1.3949, 1.3988, 1.4046, 1.4095, 1.4128, 1.4219, 1.4266, 1.4327, 1.4409 and 1.4506 levels respectively.

  • Alternatively, a consistent close below 1.3928 will drag the parity down towards key supports at 1.3891/1.3851/1.3775/1.3704/1.3646 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 long position in USD/SGD only above 1.3949, stop loss 1.3891 and target of 1.3988/1.4020/1.4046.

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