- USD/SGD is currently trading around 1.3594 marks.
- It made intraday high at 1.3597 and low at 1.3582 levels.
- Intraday bias remains bullish till the time pair holds key support at 1.3582 mark.
- A daily close above 1.3584 will test key resistances at 1.3637, 1.3670, 1.3706, 1.3770, 1.3790, 1.3827, 1.3913, 1.3945, 1.3984 and 1.4012 marks respectively.
- Alternatively, a consistent close below 1.3584 will drag the parity down towards key supports at 1.3570, 1.3522, 1.3490, 1.3447 and 1.3387 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 1.3605, stop loss at 1.3582 and target of 1.3637/1.3670.