FxWirePro: USD/SGD Hovers Around Key Resistance at 1.3628, Retail Sales Data Eye
- USD/SGD is currently trading around 1.3617 marks.
- It made intraday high at 1.3657 and low at 1.3611 levels.
- Intraday bias remains neutral till the time pair holds initial resistance at 1.3628 levels.
- A sustained close above 1.3628 tests key resistances at 1.3772/ 1.3817/ 1.3842 marks respectively.
- A daily close below 1.3543 will drag the parity down towards 1.3415/1.3318/1.3302 levels.
- Singapore will release retail sales data within few minutes. Market anticipates a decrease of 4.5% y/y vs 7.5% previous release.
- Important to note here that, 20D, 30D and 55D EMA heads down in daily chart and confirms bearish trend.
We prefer to take short position in USD/SGD only below 1.3602, stop loss 1.3668 and target 1.3497/1.3415 levels.
The material has been provided by InstaForex Company - www.instaforex.com