FxWirePro: Singapore Dollar Strengthens Against US Dollar in Early Asia, Good to Sell on Rallies
17 May 2016, 06:29
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FxWirePro: Singapore Dollar Strengthens Against US Dollar in Early Asia, Good to Sell on Rallies
- USD/SGD is currently trading around 1.3668 marks.
- It made intraday high at 1.3697 and low at 1.3666 levels.
- Intraday bias remains bearish till the time pair holds key resistance at 1.3740.
- A sustained close above 1.3740 tests key resistances at 1.3772 (July 31, 2015 high)/ 1.3817/ 1.3842 (March 08, 2016 high) marks respectively.
- On the other side, a daily close below 1.3698 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.
We prefer to take short position in USD/SGD around 1.3680, stop loss 1.3740 and target 1.3628/ 1.3420 marks.
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