FXWIREPRO: USD/SGD Finds Support Above 1.3500, Good to Buy on Dips
31 March 2016, 06:02
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FXWIREPRO: USD/SGD Finds Support Above 1.3500, Good to Buy on Dips
- USD/SGD is currently trading around 1.3513 marks.
- It made intraday high at 1.3524 and low at 1.3487 levels.
- Intraday bias remains bullish till the time pair holds key support at 1.3487 levels.
- A daily close below 1.3487 will drag the parity down towards 1.3440/ 1.3404 levels.
- Alternatively, reversal from key support will tests key resistances at 1.3525/1.3628/1. 3772/ 1.3817/ 1.3842 marks respectively.
- Important to note here that, 20D, 30D and 55D EMA heads down in daily chart and confirms bearish trend. A current rebound is short term correction only.
We prefer to take long position in USD/SGD around 1.3505, stop loss 1.3481 and target 1.3628 levels.
The material has been provided by InstaForex Company - www.instaforex.com
