Fxwirepro: Usd/sgd Rejects Key Resistance at 1.4179, Short Term Trend Reversal Likely

USD/SGD is currently trading around 1.4124 marks.

It made intraday high at 1.4151 and low at 1.4109 levels.

Intraday bias remains bearish till the time pair holds key resistance at 1.4179 marks.

A sustained break above 1.4179 will test key resistances at 1.4228, 1.4336 and 1.4443 levels respectively.

Alternatively, a consistent close below 1.4126 will drag the parity down towards key supports at
1.4072/1.3970/1.3819/1.3775/1.3704/1.3646/1.3587/1.3510/1.3462/1.3391/1.3347/1.3313/1.3302/ 1.3271 levels.

Important to note here that 20D, 30D and 55D EMA heads up and confirms the bullish trend in a daily chart. Current down side movement is short term trend correction only.

Singapore will release retail sales data at 0500 GMT.
We prefer to go short on USD/SGD around 1.4125 with stop loss at 1.4179 and target of 1.4072/1.3970.

News are provided by InstaForex