- USD/SGD is currently trading around 1.3482 marks.
- It made intraday high at 1.3487 and low at 1.3456 levels.
- Intraday bias remains bullish till the time pair holds key support at 1.3451 levels.
- A daily close below 1.3451 will drag the parity down towards key supports at 1.3357 (April 20, 2016 low)/1.3318/1.3302/ 1.3271 levels.
- Alternatively, reversal from key support will test key resistances at 1.3528, 1.3646, 1.3799, 1.3836, 1.3851(March 16, 2016 high), 1.4073 (20D EMA) and 1.4132(20D, 30D and 55D EMA crossover).
- Important to note here that, 20D, 30D and 55D EMA heads down and confirm the bearish trend. Current upside movement is short term trend correction only.
We prefer to take long position in USD/SGD around 1.3475, stop loss 1.3448 and target 1.3528/ 1.3646 marks.
The material has been provided by InstaForex Company – www.instaforex.com