FxWirePro: USD/SGD Breaks Key Resistance at 1.3740, Good to Buy on Dips
18 May 2016, 08:48
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FxWirePro: USD/SGD Breaks Key Resistance at 1.3740, Good to Buy on Dips
- USD/SGD is currently trading around 1.3735 marks.
- It made intraday high at 1.3747 and low at 1.3685 levels.
- Intraday bias remains bullish till the time pair holds key support at 1.3698.
- 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 long position in USD/SGD only above 1.3740, stop loss 1.3695 and target 1.3772/ 1.3817 marks.
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