- USD/SGD is currently trading around 1.3792 marks.
- It made intraday high at 1.3811 and low at 1.3783 levels.
- Intraday bias remains bearish till the time pair holds key resistance at 1.3855 mark.
- A daily close above 1.3808 will test key resistances at 1.3855, 1.3913, 1.3945, 1.3984 and 1.4012 marks respectively.
- Alternatively, a consistent close below 1.3808 will drag the parity down towards key supports at 1.3780, 1.3738, 1.3667, 1.3622 and 1.3580 levels respectively.
- Important to note here that 20D, 30D and 55D EMA heads up and confirms the bullish trend in a daily chart. Current downside movement is short term trend correction only.
We prefer to take short position on USD/SGD only below 1.3780, stop loss at 1.3815 and target of 1.3738.
