AUD/SGD 1H Chart: Descending Triangle

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The Australian Dollar versus its Singapore counterpart has been in the down-trend since the very beginning of Nov 7. However, 28 hours after the beginning of the sell-off the currency pair encountered strong support at 1.1672, leading to the formation of the descending triangle.
Eventually, AUD/SGD has broken out of the pattern to the downside, and this event speaks in favour of the extended dip. Moreover, hourly and especially daily technical indicators are largely giving 'sell' signals. The price is therefore expected to reach the daily S2 at 1.1649 first, then the target should be set at 1.1624, the daily S3. 

© Dukascopy Bank SA
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