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FxWirePro: USD/SGD hovers around 1.3850 mark, stay bearish only below 1.3830 mark

  • USD/SGD is currently trading around 1.3845 marks.
     
  • It made intraday high at 1.3853 and low at 1.3831 levels.
     
  • Intraday bias remains slightly bullish till the time pair holds key support at 1.3830 mark.
     
  • A daily close above 1.3870 will test key resistances at 1.3888, 1.3945, 1.3984 and 1.4012 marks respectively.
     
  • Alternatively, a consistent close below 1.3830 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.

We prefer to take short position on USD/SGD only below 1.3830, stop loss at 1.3855 and target of 1.3794/1.3754.

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