FxWirePro: Singapore Dollar Strengthens Against US Dollar, Stay Bearish
- USD/SGD is currently trading around 1.3439 marks.
- It made intraday high at 1.3464 and low at 1.3429 levels.
- Intraday bias remains bearish till the time pair holds key resistance at 1.3451 levels.
- A daily close below 1.3410 will drag the parity down towards key supports at 1.3357 (April 20, 2016 low)/1.3318/1.3302/ 1.3271 levels.
- Alternatively, reversal from key support will test key resistances at 1.3528, 1.3646, 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.
We prefer to take short position in USD/SGD around 1.3445, stop loss 1.3482 and target 1.3357/ 1.3318 marks.