AUD/SGD 1H Chart: Double Top

Source: Dukascopy Bank SA
© Dukascopy Bank SA
A steep upswing of the Australian Dollar versus its Singapore peer was ceased when the pair added almost 300 pips from a one-month low of 1.1120. The rebound was developing at a time when the pair was shaping a double top pattern, the peak of which sits at 1.1399 where the pair changed its direction to the south.
Currently AUD/SGD is located not far away from the neck-line at 1.1325 and only the level of 1.31332 (daily S1) is capable to contain a decline and delay the breakout that is likely to occur before long, especially given bearish technical signals in the short-term.
© Dukascopy Bank SA
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