- 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.