- USD/SGD is currently trading around 1.3841 marks.
- It made intraday high at 1.3843 and low at 1.3833 levels.
- Intraday bias remains neutral till the time pair holds key resistance at 1.3870 mark.
- A daily close above 1.3842 will test key resistances at 1.3870, 1.3945, 1.3984 and 1.4012 marks respectively.
- Alternatively, a consistent close below 1.3816 will drag the parity down towards key supports at 1.3794, 1.3754 and 1.3670 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 only above 1.3857, stop loss at 1.3820 and target of 1.3945.