AUD/SGD 1H Chart: Ascending Broadening Wedge

Starting from the second part of February the trading range of AUD/SGD has been constantly widening, which has eventually led to formation of an ascending broadening wedge. This pattern implies resistance at 1.16 and support at 1.1330. And even though the currency pair has recently rebounded from the lower boundary of the wedge, the Aussie does not seem to be in a good position to reach the upper part of the figure. This is justified by presence of a formidable resistance area near 1.1440 and the fact that most of the hourly indicators are giving ‘sell' signals. Meanwhile, the market sentiment is explicitly bearish—67% of open positions are short.