USD/SGD Fails to Break Key Resistance at 1.3628, Singapore CPI Data in Focus

USD/SGD Fails to Break Key Resistance at 1.3628, Singapore CPI Data in Focus

• USD/SGD is currently trading around 1.3600 marks. 
• It made intraday high at 1.3617 and low at 1.3591 levels. 
• Intraday bias remains neutral for the moment. 
• A break below 1.3481 will tests the next support at 1.3440/ 1.3404 marks. 
• Initial resistance is seen at 1.3628 and a sustained break above is required to drag the parity up towards 1.37 marks. 
• Alternatively, reversal from key resistance will bring the parity down towards 1.3400 marks. 
• On the other side, a sustained break above 1.3817 is required to confirm bullish bias. 
• On the top side key resistances are seen at 1.3842/1.3895/1.3964 marks thereafter. 
• Overall trend remains bearish as 20D, 30D and 55D EMA heads down and confirms bearish trend. 
• Later today, Singapore will release CPI data at 0500 GMT. This will provide further direction to the parity.
  

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.

The material has been provided by InstaForex Company - www.instaforex.com