- USD/SGD is currently trading around 1.3827 marks.
- It made intraday high at 1.3854 and low at 1.3827 levels.
- Intraday bias remains slightly bearish till the time pair holds key support at 1.3850 mark.
- A daily close above 1.3846 will test key resistances at 1.3872, 1.3905, 1.3948 and 1.4050 levels respectively.
- Alternatively, a consistent close below 1.3846 will drag the parity down towards key supports at 1.3790/1.3747/1.3690/1.3654/1.3620/1.3570/1.3510/1.3450 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 long position on USD/SGD around 1.3810, stop loss at 1.3790 and target of 1.3872.
