AUD/SGD 4H Chart: Descending Triangle

Source: Dukascopy Bank SA
© Dukascopy Bank SA
Comment: There is a descending triangle emerging on the four-hour chart of AUD/SGD. And even though the pattern consists of a small number of candlesticks, which decreases its quality and reliability, both the horizontal support line and down-trend resistance line seem to be respected by the market. However, the currency pair is approaching the apex of the triangle, meaning there is soon going to be a break-out. Considering that before entering the formation the Aussie was in the up-trend, the supply area at 1.1680 is more likely to give in than the demand at 1.1620. The bullish outlook is also provided by the majority of technical indicators.
© Dukascopy Bank SA
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