- USD/SGD is currently trading around 1.3714 marks.
- It made intraday high at 1.3739 and low at 1.3713 levels.
- Intraday bias remains bearish till the time pair holds key resistance at 1.3750 mark.
- A daily close above 1.3740 will test key resistances at 1.3770, 1.3790, 1.3838, 1.3872, 1.3905, 1.3948 and 1.4050 levels respectively.
- Alternatively, a consistent close below 1.3740 will drag the parity down towards key supports at 1.3687/1.3668/1.3620/1.3570/1.3510 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 production data at 0500 GMT.
We prefer to take short position on USD/SGD around 1.3720, stop loss at 1.3750 and target of 1.3687/1.3668/1.3620.
