- USD/SGD is currently trading around 1.3856 marks.
- It made intraday high at 1.3877 and low at 1.3850 levels.
- Intraday bias remains slightly bearish for the moment.
- A daily close above 1.3895 will test key resistances at 1.3942, 1.3988 and 1.4050 marks respectively.
- Alternatively, a consistent close below 1.3864 will drag the parity down towards key supports at 1.3852, 1.3790, 1.3748, 1.3702, 1.3643 and 1.3590 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 around 1.3860, stop loss 1.3880 and target of 1.3790.
