© Dukascopy Bank SA
The bullish trend-lines that are currently the sides of the rising wedge have been in force since the end of September, when the currency pair started to move north after a prolonged period of directionless fluctuations.
At the moment AUD/SGD is probing the upper edge of the pattern at 1.1863, a resistance that apart from the up-trend consists of the daily R1 and the four-hour R2 levels. And while we do not see substantial threats to the medium-term bullish outlook—the lines are expected to hold, considering the nature of the pattern, there is a good chance of a reversal in the longer-term perspective.
© Dukascopy Bank SA