AUD/SGD 4H Chart: Double Bottom

Source: Dukascopy Bank SA
© Dukascopy Bank SA
After a decline that persisted throughout November and most of December, the currency pair managed to stabilise near 1.11. One and a half months later AUD/SGD once again made an attempt to violate this support, but turned out to be unsuccessful and, as a result, has nearly recovered up to Jan 13 high, the neckline of the double bottom pattern.
If this resistance is surpassed, the Australian Dollar will be set to appreciate even further, potentially up to Oct 23 high at 1.2054, despite the technical indicators being mixed at the moment. As for the SWFX sentiment, it is strongly bullish, as 74% of open positions are currently long.

© Dukascopy Bank SA
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