- USD/SGD is currently trading around 1.3754 marks.
- It made intraday high at 1.3757 and low at 1.3741 levels.
- Intraday bias remains neutral till the time pair holds key resistance at 1.3801 marks.
- A daily close above 1.3801 will test key resistances at 1.3818, 1.3854 and 1.3905 levels respectively.
- Alternatively, a consistent close below 1.3746 will drag the parity down towards key supports at 1.3690/1.3652/1.3607/1.3570/1.3510/1.3450 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.
Positioning is inconclusive at this point, with prices offering no clear cut signal to initiate a long or short trade. We will continue to remain on sidelines for the time being.
