- USD/SGD is currently trading around 1.3230 marks.
- It made intraday high at 1.3257 and low at 1.3219 levels.
- Intraday bias remains bearish till the time pair holds key resistance at 1.3369 mark.
- A daily close above 1.3236 will test key resistances at 1.3302, 1.3353, 1.3438, 1.3532, 1.3580, 1.3602, 1.3652, 1.3715, 1.3768, 1.3822 and 1.3949 levels respectively.
- Alternatively, a consistent close below 1.3236 will drag the parity down towards key support at 1.3217/1.3164/1.3015/1.2855 levels respectively.
- Important to note here that 20D, 30D and 55D EMA heads down and confirms the bearish trend in a daily chart.
- Singapore Central bank head says inflation surprise could force global central banks to react faster than they today expect.
- Singapore Central bank head says sustainable rate of growth in Singapore is 2-4 percent, big unknown is whether going to be in 2-3 pct range or 3-4 percent range.
- Singapore Central bank head says would not rule out issuing cryptocurrency directly to public, but not sure it's a good idea.
We prefer to take short position in USD/SGD around 1.3290, stop loss 1.3330 and target of 1.3255/1.3217.
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