FxWirePro: USD/SGD Hovers Around 1.3750 Mark, Good to Buy on Dips
- USD/SGD is currently trading around 1.3752 marks.
- It made intraday high at 1.3763 and low at 1.3741 levels.
- Intraday bias remains bullish till the time pair holds key support at 1.3721 levels.
- A daily close below 1.3721 will drag the parity down towards key supports at 1.3628 (55D EMA) /1.3548/1.3420 (April 13, 2016 low) /1.3357 (April 20, 2016 low) /1.3318/1.3302 levels.
- Alternatively, a sustained close above 1.3799 is required to test key resistances at 1.3836, 1.3851(March 16, 2016 high), 1.4073 (20D EMA) and 1.4132(20D, 30D and 55D EMA crossover).
- 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 long position in USD/SGD around 1.3750, stop loss 1.3700 and target 1.3836 marks.