- USD/SGD is currently trading around 1.3543 marks.
- It made intraday high at 1.3560 and low at 1.3539 levels.
- Intraday bias remains bearish till the time pair holds initial resistance at 1.3628 levels.
- A sustained close above 1.3628 tests key resistances at 1.3772/ 1.3817/ 1.3842 marks respectively.
- On the other side, a daily close below 1.3516 will drag the parity down towards 1.3487/1.3415/1.3318 levels.
- Important to note here that, 20D, 30D and 55D EMA heads down in daily chart and confirms bearish trend. A current rebound is short term correction only.
We prefer to take short position in USD/SGD around 1.3552, stop loss 1.3628 and target 1.3487/1.3415 marks.
The material has been provided by InstaForex Company – www.instaforex.com