FXWIREPRO: USD/SGD Refrains to fall Below Key Support at 1.3423, Good to Buy on Dips
- USD/SGD is currently trading around 1.3454 marks.
- It made intraday high at 1.3458 and low at 1.3430 levels.
- Intraday bias remains bullish till the time pair holds initial support at 1.3423 levels.
- A daily close below 1.3423 will drag the parity down towards 1.3415/1.3318/1.3302 levels.
- A sustained close above 1.3502 tests key resistances at 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. Current upside movement is short term correction only.
We prefer to take long position in USD/SGD around 1.3450, stop loss 1.3423 and target 1.3502/1.3628 marks.
The material has been provided by InstaForex Company - www.instaforex.com