- USD/SGD is currently trading around 1.3630 marks.
- It made intraday high at 1.3649 and low at 1.3620 levels.
- Intraday bias remains slightly bearish till the time pair holds key resistance at 1.3640 mark.
- A daily close above 1.3640 will test key resistances at 1.3672 and 1.3740 marks respectively.
- Alternatively, a consistent close below 1.3640 will drag the parity down towards key supports at 1.3599, 1.3570, 1.3522, 1.3490 and 1.3422 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.
- Singapore will release retail sales data around 0500 GMT.
We prefer to take short position on USD/SGD only above 1.3650, stop loss at 1.3599 and target of 1.37/1.3740.
