FXWIREPRO: USD/SGD Likely to Test Key Resistance at 1.3772, Intraday Bias Remains Bullish
28 March 2016, 04:16
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FXWIREPRO: USD/SGD Likely to Test Key Resistance at 1.3772, Intraday Bias Remains Bullish
- USD/SGD is currently trading around 1.3732 marks.
- It made intraday high at 1.3738 and low at 1.3705 levels.
- Intraday bias remains bullish for the moment.
- A sustained close above 1.3728 is required to test key resistances at 1. 3772/ 1.3817/ 1.3842 marks respectively.
- Alternatively, reversal from key resistance will turn the bias bearish again and drag the parity down towards 1.3628/1.3481/1.3440/ 1.3404 levels.
- Important to note here that overall trend remains bearish as 20D, 30D and 55D EMA heads down in daily chart and confirms bearish trend.
Positioning is inconclusive at this point, with prices offering no clear cut signal to initiate a long or short trade. We will continue to remain on sidelines for the time being.
The material has been provided by InstaForex Company - www.instaforex.com
