Fxwirepro: Usd/sgd Exhibits Range Bound Movement, Intraday Bias Remains Neutral
USD/SGD is currently trading around 1.3415 marks.
It made intraday high at 1.3419 and low at 1.3383 levels. Intraday bias remains neutral till the time pair holds key resistance at 1.3475 marks.
A daily close below 1.3391 will drag the parity down towards key supports at 1.3347/1.3313/1.3302/ 1.3271 levels. Alternatively, a sustained close above 1.3475 will test key resistances at 1.3537, 1.3638, 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 in a daily chart, 20D, 30D and 55D EMA heads down and confirms the bearish trend. Current upside movement is short term trend correction only.
Positioning is inconclusive at this point, with prices offering no clear cut signal to initiate a long or short trade. We will continue to remain on sidelines for the time being.
News are provided byInstaForex.