- USD/SGD is currently trading around 1.3816 marks.
- It made intraday high at 1.3829 and low at 1.3791 levels.
- Intraday bias remains neutral till the time pair holds key resistance at 1.3823 levels.
- A sustained close above 1.3823 tests key resistances at 1.3851(March 16, 2016 high), 1.4073 (20D EMA) and 1.4132(20D, 30D and 55D EMA crossover).
- Alternatively, a daily close below 1.3721 will drag the parity down towards key supports 1.3628 (55D EMA) /1.3548/1.3420 (April 13, 2016 low) /1.3357 (April 20, 2016 low) /1.3318/1.3302 levels.
- Important to note here that, 20D, 30D and 55D EMA heads up and confirm the bullish trend.
We prefer to take long position in USD/SGD only above 1.3832, stop loss 1.3721 and target 1.4073 marks.
The material has been provided by InstaForex Company – www.instaforex.com