• FxWirePro: USD/SGD consolidates around 1.3705 Mark, sustained close above requires for upside rally

    Source: FxWire Pro - Technicals / 31 Jul 2019 08:46:52   Europe/London

    • USD/SGD is currently trading around 1.3691 marks.
       
    • It made intraday high at 1.3715 and low at 1.3689 levels.
       
    • Intraday bias remains neutral for the moment.
       
    • A daily close above 1.3705 will test key resistances at 1.3738, 1.3760, 1.3813, 1.3854 and 1.3945 marks respectively.
       
    • Alternatively, a consistent close below 1.3696 will drag the parity down towards key supports at 1.3670, 1.3640, 1.3590, 1.3550, 1.3512 and 1.3454 levels respectively.
       
    • 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 take short position on USD/SGD only below 1.3687, stop loss at 1.3720 and target of 1.3670/1.3640.

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