- USD/SGD is currently trading around 1.3504 marks.
- It made intraday high at 1.3517 and low at 1.3502 levels.
- Intraday bias remains neutral till the time pair holds key resistance at 1.3512 mark.
- A daily close above 1.3512 will test key resistances at 1.3574, 1.3622, 1.3788, 1.3822, 1.3949, 1.4046, 1.4095, 1.4128, 1.4219 and 1.4310 levels respectively.
- Alternatively, a consistent close below 1.3512 will drag the parity down towards key supports at 1.3460/1.3401/1.3346/1.3217/1.3164/1.3005 levels respectively.
- Important to note here that 20D, 30D and 55D EMA heads down and confirms the bearish trend in a daily chart. Current upside movement is short term trend correction only.
- Singapore will release manufacturing output data at 0500 GMT.
We prefer to take long position in USD/SGD only above 1.3518, stop loss 1.3460 and target of 1.3574/1.3622.
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