- USD/SGD is hovers around 1.3800 levels and trading around 1.3805 marks.
- It made intraday high at 1.3816 and low at 1.3800 levels.
- Intraday bias remains neutral for the moment.
- On the other side, a sustained break above 1.3817 is required to confirm some more upside movement and drag the parity towards initial resistances at 1.3842/1.3895/1.3964 marks thereafter.
- Alternatively, reversal from key resistance will drag the parity down towards 1.3723 marks and daily close below key support at1.3699 will take the parity towards 1.3623 and 1.3486 marks thereafter.
- Key resistance falls at 1.40 marks and pair likely to consolidate below this level.
- Important to note here that overall trend remains bearish as 20D, 30D and 55D EMA heads down and signals bearish trend.
Trade idea: Go short in USD/SGD at 1.3805, stop loss 1.3827 and target 1.3755/1.3699 marks.
The material has been provided by InstaForex Company – www.instaforex.com