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FxWirePro: USD/SGD hovers around key resistance at 1.3208 mark, consistent close above requires for upside rally

  • USD/SGD is currently trading around 1.3171 marks.
     
  • It made intraday high at 1.3219 and low at 1.3167 levels.
     
  • Intraday bias remains neutral for the moment.
     
  • A daily close above 1.3197 will test key resistances at 1.3208, 1.3254, 1.3302, 1.3353, 1.3438 and 1.3532 levels respectively.
     
  • Alternatively, a consistent close below 1.3197 will drag the parity down towards key support at 1.3080/1.3005/1.2855/1.2754 levels respectively.
  • Important to note here that 20D, 30D and 55D EMA heads down and confirms the bearish trend in a daily chart.

We prefer to take short position in USD/SGD around 1.3200, stop loss 1.3254 and target of 1.3005.

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