AUD/SGD 4H Chart: Broadening Falling Wedge

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
After reaching the strongest level since July on 5th of September, the AUD/SGD cross started sliding in value. Moreover, the pair's decline led to a formation of broadening falling wedge pattern.
Currently, the pair is appreciating towards the upper boundary of the pattern, after bouncing off the psychological level at 1.10. Additionally, this level has not been touched since May 2009; therefore, making it even more substantial. Even though there is more bearish than bullish sentiment towards the pair, it will definitely need some strong selling action to decline below the 1.10 level. The SWFX traders' expect a further retreat, as 55.77% of them are selling the pair.
© Dukascopy Bank SA
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