- USD/SGD is currently trading around 1.3678 marks.
- It made intraday high at 1.3703 and low at 1.3673 levels.
- Intraday bias remains bearish till the time pair holds key resistance at 1.3728 levels.
- A daily close above 1.3728 is required to test key resistances at 1. 3772/ 1.3817/ 1.3842 marks respectively.
- Alternatively, reversal from key resistance will turn the bias bearish again and drag the parity down towards 1.3628/1.3481/1.3440/ 1.3404 levels.
- Important to note here that overall trend remains bearish as 20D, 30D and 55D EMA heads down in daily chart and confirms bearish trend.
We prefer to take short position in USD/SGD around 1.3700, stop loss 1.3738 and target 1.3628/1.3576 levels.
The material has been provided by InstaForex Company – www.instaforex.com