Fxwirepro: Usd/sgd Hits Fresh 2-Week Low at 1.3510, Consistent Break Below Targets 1.3462
USD/SGD is currently trading around 1.3530 marks.
It made intraday high at 1.3546 and low at 1.3510 levels.
Intraday bias remains bearish till the time pair holds key resistance at 1.3605 marks.
A daily close below 1.3510 will drag the parity down towards key supports at 1.3462/1.3391/1.3347/1.3313/1.3302/ 1.3271 levels.
Alternatively, a sustained close above 1.3605 will test key resistances at 1.3698, 1.3732, 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 up and confirms the bullish trend in a daily chart. Current downside movement is short term trend correction only.
We prefer to go short on USD/SGD only below 1.3510 with stop loss at 1.3605 and target of 1.3462/1.3391.
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