FxWirePro: USD/SGD Fails to Sustain Above Key Resistance at 1.3823, Good to Sell on Rallies
- USD/SGD is currently trading around 1.3785 marks.
- It made intraday high at 1.3816 and low at 1.3783 levels.
- Intraday bias remains bearish till the time pair holds key resistance at 1.3823 levels.
- A sustained close only above 1.3836 tests key resistances at 1.3851(March 16, 2016 high), 1.4073 (20D EMA) and 1.4132(20D, 30D and 55D EMA crossover).
- Alternatively, current downfall will drag the parity down towards key supports 1.3628 (55D EMA) /1.3548/1.3420 (April 13, 2016 low) /1.3357 (April 20, 2016 low) /1.3318/1.3302 levels.
- Important to note here that, 20D, 30D and 55D EMA heads up and confirm the bullish trend. Current downside movement is short term trend correction only.
We prefer to take short position in USD/SGD at 1.3790, stop loss 1.3836 and target 1.3721/ 1.3628 marks.