- USD/SGD is currently trading around 1.3648 marks.
- It made intraday high at 1.3665 and low at 1.3641 levels.
- Intraday bias remains bearish for the moment.
- A daily close above 1.3663 will test key resistances at 1.3699, 1.3760, 1.3838, 1.3854, 1.3896 and 1.3945 marks respectively.
- Alternatively, a consistent close below 1.3663 will drag the parity down towards key supports at 1.3625, 1.3599 and 1.3570 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 term trend correction only.
We prefer to take short position on USD/SGD around 1.3655, stop loss at 1.3699 and target of 1.3599/1.3570.
