FxWirePro: USD/SGD Recovers from Fresh 1-Month Low, Good to Buy on Dips
- USD/SGD is currently trading around 1.3544 marks.
- It made intraday high at 1.3552 and low at 1.3528 levels.
- Intraday bias remains bullish till the time pair holds key support at 1.3449 levels.
- A daily close below 1.3422(April 11, 2016 low) will drag the parity down towards key supports at 1.3357 (April 20, 2016 low) /1.3318/1.3302 levels.
- A sustained close above 1.3554 is 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 long position in USD/SGD only above 1.3554, stop loss 1.3487 and target 1.3625 marks.