AUD/SGD 4H Chart: Broadening Ascending Wedge

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
The fact that the Aussie trades in a broadening ascending wedge against the Singapore Dollar is notable, however, not that important for short term traders. What might interest traders more regarding the pair is the fact that it recently marked new this year high level, as the currency exchange rate touched the 1.0870 level on November 10. This provides an opportunity to measure new Fibonacci retracement levels, which have already proved themselves on various occasions. The levels are measured by connecting the 2016 high and low levels. Moreover, the pair's latest movements have been dictated by the retracement levels. Most recently the rate hit the 23.60% Fibo retracement from the downside and bounced off of it.
© Dukascopy Bank SA
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