FxWirePro: USD/SGD Hovers Around Key Resistance at 1.3628, Break Above Targets 1.3709

FxWirePro: USD/SGD Hovers Around Key Resistance at 1.3628, Break Above Targets 1.3709

• USD/SGD is currently trading around 1.3625 marks. 
• It made intraday high at 1.3636 and low at 1.3493 levels. 
• Intraday bias remains neutral till the time pair holds initial resistance at 1.3628 levels. 
• A daily close below 1.3543 will drag the parity down towards 1.3415/1.3318/1.3302 levels. 
• A sustained close above 1.3628 tests key resistances at 1.3772/ 1.3817/ 1.3842 marks respectively. 
• Important to note here that, 20D, 30D and 55D EMA heads down in daily chart and confirms bearish trend. Current upside movement is short term 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.

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