FXWIREPRO: Singapore Dollar Erases Previous Gain Against US Dollar, Good to Buy on Dips
- USD/SGD is currently trading around 1.3557 marks.
- It made intraday high at 1.3561 and low at 1.3516 levels.
- Intraday bias remains bullish till the time pair holds initial support at 1.3487 levels.
- A sustained close above 1.3552 tests key resistances at 1.3628/1. 3772/ 1.3817/ 1.3842 marks respectively.
- On the other side, a daily close below 1.3487 will drag the parity down towards 1.3415/1.3318 levels.
- 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 1.3545, stop loss 1.3487 and target 1.3628/1.3712 marks.
The material has been provided by InstaForex Company - www.instaforex.com