USD/SGD Hovers Around Initial Resistance at 1.3628, Intraday Bias Remains Neutral

USD/SGD Hovers Around Initial Resistance at 1.3628, Intraday Bias Remains Neutral

• USD/SGD is currently trading around 1.3622 marks. 
• It made intraday high at 1.3631 and low at 1.3593 levels. 
• Intraday bias remains slightly bullish till the time pair holds key support at 1.3481 levels. 
• A break below 1.3481 will tests the next support at 1.3440/ 1.3404 marks. 
• Initial resistance is seen at 1.3628 and a sustained break above is required to drag the parity towards 1.37 marks. 
• Alternatively, reversal from key resistance will bring the parity down towards 1.3400 marks. 
• 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. 
• Important to note here that 20D, 30D and 55D EMA heads down and signals bearish trend and current upside movement is likely to be short term correction only.
  

We prefer to take long position in USD/SGD only above 1.3628, stop loss 1.3569 and target 1.3723/ 1.3817 levels.

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