AUD/SGD 1H Chart: Symmetrical Triangle

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
AUD/SGD maintained a consolidative nature in its movements, entering a symmetrical triangle as its latest expression of the lack of trend. The pair has just overstepped the bottom trend-line of the pattern at 1.0570 for the second consecutive time, suggesting a downward breakout, which is also supported by a newly sketched descending triangle. The floor is now set at 1.0560 and the rate will be testing it again after the upper trend-line at 1.0605 is reached and respected. Immediate resistance lies at 1.0582/84 and will open the way to 1.0590/92 which would leave little to the targeted trend-line. There is, however, a possibility that the rate will not manage to climb as high, and could start the downtrend at one of the aforementioned intermediate levels.
© Dukascopy Bank SA
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