AUD/SGD 4H Chart: Rising Wedge

While on the hourly chart AUD/SGD has recently broken out of the triangle, on a higher time-frame it is currently forming a rising wedge. At the moment the currency pair is approaching the upper trend-line of the pattern, meaning there is an increased probability of a sell-off in the nearest future. Once the rate rises up to the resistance at 1.1573, we will expect the Aussie to start losing value. The potential dip is likely to end near 1.14, where the support is provided by the rising trend-line and the 200-period SMA. Still, we should be wary that eventually the lower trend-line is supposed to be breached, considering the nature of the developing pattern.