AUD/SGD 1H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
A two-week climb started at a two-month low of 1.1534 hit late May helped AUD/SGD to enter a rising wedge pattern that now is almost 90-bar long.
After attaining a one-month high of 1.1724, the pair retreated slightly and now is trading above the 50-hour SMA at 1.1692 that may serve as a prop for a climb. If this comes true, the pair will move to 1.1707/19 (four-hour R1, R2; daily R2, R3), a rise above which may bring the recent high back to the picture.
© Dukascopy Bank SA
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