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FxWirePro: USD/SGD jumps above 1.3300 mark, faces strong resistance at 1.3375 mark

  • USD/SGD is currently trading around 1.3318 marks.
     
  • It made intraday high at 1.3330 and low at 1.3309 levels.
     
  • Intraday bias remains bullish till the time pair holds key support at 1.3234 mark.
     
  • A daily close above 1.3312 will test key resistances at 1.3375, 1.3438 and 1.3532 levels respectively.
     
  • Alternatively, a consistent close below 1.3312 will drag the parity down towards key support at 1.3234/1.3168/1.3080/1.3005/1.2855/1.2754 levels respectively.
  • Important to note here that 20D, 30D and 55D EMA heads down and confirms the bearish trend in a daily chart. Current upside movement is short term trend correction only.

We prefer to take long position in USD/SGD around 1.3290, stop loss 1.3234 and target of 1.3438.

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2018-11-12 16:31:00
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