Fxwirepro: Singapore Dollar Erases Previous Gain Against US Dollar, Bias Turns Bullish

USD/SGD is currently trading around 1.3460 marks.
It made intraday high at 1.3580 and low at 1.3432 levels.
Intraday bias remains bullish till the time pair holds key support at 1.3432 marks.
A daily close below 1.3432 will drag the parity down towards key supports at 1.3357 (April 20, 2016 low)/1.3318/1.3302/ 1.3271 levels.
Alternatively, a sustained close above 1.3538 will tests key resistances at 1.3646, 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 down and confirm the bearish trend. Current downside movement is short term trend correction only.

We prefer to take long position in USD/SGD around 1.3450, stop loss 1.3410 and target 1.3502/ 1.3538 marks.

News are provided by InstaForex