FxWirePro: USD/SGD Hovers Around Key Support at 1.3554, Intraday Bias Remains Neutral

FxWirePro: USD/SGD Hovers Around Key Support at 1.3554, Intraday Bias Remains Neutral

7 June 2016, 05:32
Roberto Jacobs
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FxWirePro: USD/SGD Hovers Around Key Support at 1.3554, Intraday Bias Remains Neutral

  • USD/SGD is currently trading around 1.3575 marks. 
  • It made intraday high at 1.3587 and low at 1.3550 levels. 
  • Intraday bias remains bullish till the time pair holds key support at 1.3554 levels. 
  • A daily close below 1.3540 will drag the parity down towards key supports at 1.3420 (April 13, 2016 low) /1.3357 (April 20, 2016 low) /1.3318/1.3302 levels. 
  • Initial resistance level is seen at 1.3625 mark. In addition, a sustained close above 1.3726 is required to test key resistances at 1.3799, 1.3836, 1.3851(March 16, 2016 high), 1.4073 (20D EMA) and 1.4132(20D, 30D and 55D EMA crossover).

We prefer to take long position in USD/SGD around 1.3572, stop loss 1.3540 and target 1.3726 marks.

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