Singapore Dollar Fails to Sustain Below 1.36, Intraday Bias Remains Bullish

Singapore Dollar Fails to Sustain Below 1.36, Intraday Bias Remains Bullish

USD/SGD is currently supported above 1.3700 levels and trading around 1.3736 marks.

• It made intraday high at 1.3750 and low at 1.3710 levels. 
• Intraday bias remains bullish till the time pair holds key support at 1.3699 marks. 
• A sustained break below 1.37 will take the parity towards 1.3623 and 1.3486 marks thereafter. 
• Alternatively, reversal from key support will turn the bias bullish and drag the parity towards key resistance at 1.3842/1.3964 marks. 
• Important to note here that overall trend remains bearish till the time pair holds key resistance at 1.40 levels and current upward moment is likely to be short term correction only.
  

We prefer to take long position in USD/SGD around 1.3720, stop loss 1.3623 and target 1.3842 levels.

The material has been provided by InstaForex Company - www.instaforex.com