- USD/SGD is currently trading around 1.3837 marks.
- It made intraday high at 1.3848 and low at 1.3821 levels.
- Intraday bias remains slightly bearish for the moment.
- A daily close above 1.3843 will test key resistances at 1.3913, 1.3945, 1.3984 and 1.4012 marks respectively.
- Alternatively, a consistent close below 1.3843 will drag the parity down towards key supports at 1.3794, 1.3754 and 1.3670 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 long position on USD/SGD around 1.3830, stop loss at 1.3810 and target of 1.3848/1.3913.
