AUD/SGD 4H Chart: Double Bottom

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
After nearing the 1.1800 level at September, the pair started to decline sharply. However, the support around the weekly S2 at 1.1028 halted the drop and helped to form a double bottom pattern.
Nonetheless, at the moment the AUD/SGD cross is trying to form triple bottom pattern, after a failure to break above the pattern's neckline around the 1.14 mark. The 4H and weekly technical indicators suggest that the pair is poised for a retreat, thus making a triple bottom formations a likely scenario. The majority of the SWFX traders' are also sceptical on the currency pair's advance as 65.20% of them have opened short positions on the pair.
© Dukascopy Bank SA
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