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FxWirePro: Singapore dollar rises noticeably against U.S. dollar, good to sell on rallies

  • USD/SGD is currently trading around 1.3562 marks.
     
  • It made intraday high at 1.3588 and low at 1.3557 levels.
     
  • Intraday bias remains bearish for the moment.
     
  • A daily close above 1.3568 will test key resistances at 1.3590, 1.3638, 1.3680, 1.3760, 1.3813, 1.3854 and 1.3945 marks respectively.
     
  • Alternatively, a consistent close below 1.3568 will drag the parity down towards key supports at 1.3512, 1.3454, 1.3388 and 1.3320 levels respectively.
     
  • Important to note here that 20D, 30D and 55D EMA heads down and confirms the bearish trend in a daily chart.

We prefer to take short position on USD/SGD around 1.3565, stop loss at 1.3590 and target of 1.3512/1.3454.

By Aarti Panchal
  • Market Data
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