- USD/SGD is currently trading around 1.3527 marks.
- It made intraday high at 1.3532 and low at 1.3507 levels.
- Intraday bias remains neutral till the time pair holds key resistance at 1.3538 marks.
- A sustained close above 1.3538 will test key resistances at 1.3610, 1.3799, 1.3836, 1.3851(March 16, 2016 high), 1.4073 (20D EMA) and 1.4132(20D, 30D and 55D EMA crossover).
- On the other side, a daily close below 1.3488 will drag the parity down towards key supports at 1.3452/1.3391/1.3347/1.3313/1.3302/ 1.3271 levels.
- Important to note here that in a daily chart, 20D, 30D and 55D EMA heads down and confirms the bearish trend. Current upside movement is short term trend correction only
We prefer to go long on USD/SGD only above 1.3542 with stop loss at 1.3472 and target of 1.3610.