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FxWirePro: USD/SGD hovers around key resistance at 1.3637 mark, sustained close above requires for upside rally

  • USD/SGD is currently trading around 1.3634 marks.
     
  • It made intraday high at 1.3636 and low at 1.3621 levels.
     
  • Intraday bias remains neutral till the time pair holds key resistance at 1.3637 mark.
     
  • A daily close above 1.3626 will test key resistances at 1.3637, 1.3670, 1.3706, 1.3770, 1.3790, 1.3827, 1.3913, 1.3945, 1.3984 and 1.4012 marks respectively.
     
  • Alternatively, a consistent close below 1.3626 will drag the parity down towards key supports at 1.3590, 1.3570, 1.3522, 1.3490, 1.3447 and 1.3387 levels respectively.
     
  • Important to note here that 20D, 30D and 55D EMA heads down and confirms the bearish trend in a daily chart. Current upside movement is short term trend correction only.

We prefer to take long position on USD/SGD only above 1.3645, stop loss at 1.3610 and target of 1.3670/1.3706.

By Aarti Panchal
  • Market Data
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