FxWirePro: Singapore Dollar Hits Fresh Weekly High Against US Dollar, Good to Sell on Rallies

FxWirePro: Singapore Dollar Hits Fresh Weekly High Against US Dollar, Good to Sell on Rallies

29 April 2016, 06:01
Roberto Jacobs
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FxWirePro: Singapore Dollar Hits Fresh Weekly High Against US Dollar, Good to Sell on Rallies

  • USD/SGD is currently trading around 1.3407 marks. 
  • It made intraday high at 1.3465 and low at 1.3404 levels. 
  • Intraday bias remains bearish till the time pair holds initial resistance at 1.3489 levels. 
  • A daily close below 1.3420 will drag the parity down towards 1.3352/1.3318/1.3302 levels. 
  • On the other side, a sustained close above 1.3489 tests key resistances at 1.3561/1.3628/1.3772/ 1.3817/ 1.3842 marks respectively. 
  • Today Singapore will release bank lending rate at 0200 GMT. 

We prefer to take short position in USD/SGD around 1.3421, stop loss 1.3489 and target 1.3361/1.3302 levels.

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