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FxWirePro: Singapore dollar trades marginally lowerin early Asia, upside limited

  • USD/SGD is currently trading around 1.3534 marks.
     
  • It made intraday high at 1.3536 and low at 1.3523 levels.
     
  • Intraday bias remains neutral till the time pair holds key support at 1.3515 mark.
     
  • A daily close above 1.3565 will test key resistances at 1.3590, 1.3615 and 1.3672 marks respectively.
     
  • Alternatively, a consistent close below 1.3515 will drag the parity down towards key supports at 1.3490, 1.3422, 1.3378 and 1.3315 levels respectively.
     
  • Important to note here that 20D, 30D and 55D EMA heads down and confirms the bearish trend in a daily chart. Current upside movement is short term trend correction only.


We prefer to take long position on USD/SGD only above 1.3570, stop loss at 1.3515 and target of 1.3622/1.3672.

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