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FxWirePro: USD/SGD breaks key resistance at 1.3528, upside limited

  • USD/SGD is currently trading around 1.3546 marks.
     
  • It made intraday high at 1.3556 and low at 1.3495 levels.
     
  • Intraday bias remains neutral till the time pair holds key support at 1.3528 levels.
     
  • A daily close below 1.35 will drag the parity down towards key supports at 1.3410, 1.3357 (April 20, 2016 low)/1.3318/1.3302/ 1.3271 levels.
     
  • Alternatively, a sustained close above 1.3528 will tests key resistances at 1.3646, 1.3799, 1.3836, 1.3851(March 16, 2016 high), 1.4073 (20D EMA) and 1.4132(20D, 30D and 55D EMA crossover).
     
  • Important to note here that, 20D, 30D and 55D EMA heads down and confirm the bearish trend. Current upside movement is short term trend correction only.

We prefer to take short position in USD/SGD around 1.3560, stop loss 1.3616 and target 1.3410 marks.

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