- USD/SGD is currently trading around 1.3608 marks.
- It made intraday high at 1.3635 and low at 1.3605 levels.
- Intraday bias remains slightly bearish till the time pair holds key resistance at 1.3550 mark.
- A daily close above 1.3630 will test key resistances at 1.3672 and 1.3740 marks respectively.
- Alternatively, a consistent close below 1.3599 will drag the parity down towards key supports at 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.
We prefer to take short position on USD/SGD only below 1.3599, stop loss at 1.3640 and target of 1.3570/1.3522.
