- USD/SGD is currently trading around 1.3828 marks.
- It made intraday high at 1.3855 and low at 1.3827 levels.
- Intraday bias remains bearish till the time pair holds key resistance at 1.3848 mark.
- A daily close above 1.3848 will test key resistances at 1.3878, 1.3913, 1.3945, 1.3984 and 1.4012 marks respectively.
- Alternatively, a consistent close below 1.3841 will drag the parity down towards key supports at 1.3790, 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 around 1.3832, stop loss at 1.3870 and target of 1.3790/1.3738.
