FxWirePro: USD/SGD Hits Fresh Monthly Low at 1.3449, Good to Sell on Rallies
- USD/SGD is currently trading around 1.3475 marks.
- It made intraday high at 1.3496 and low at 1.3449 levels.
- Intraday bias remains bearish till the time pair holds key resistance at 1.3537 levels.
- A daily close below 1.3420 (April 13, 2016 low) will drag the parity down towards key supports at 1.3357 (April 20, 2016 low) /1.3318/1.3302 levels.
- Initial resistance level is seen at 1.3537 marks. In addition, a sustained close above 1.3555 is also required to test key resistances at 1.3625, 1.3799, 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 down and confirm the bearish trend. Current upside movement is short term trend correction only.
We prefer to take short position in USD/SGD only below 1.3460, stop loss 1.3537 and target 1.3357 marks.