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FxWirePro: USD/SGD rejects key support at 1.3138 mark, short term trend reversal likely

  • USD/SGD is currently trading around 1.3182 marks.
     
  • It made intraday high at 1.3196 and low at 1.3171 levels.
     
  • Intraday bias remains bullish till the time pair holds key support at 1.3138 mark.
     
  • A daily close above 1.3175 will test key resistances at 1.3232, 1.3285, 1.3340, 1.3438 and 1.3532 levels respectively.
     
  • Alternatively, a consistent close below 1.3175 will drag the parity down towards key support at 1.3090/1.3005/1.2855/1.2754 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 on USD/SGD only above 1.3200, stop loss at 1.3165 and target of 1.3285.

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