AUD/SGD 1H Chart: Falling Wedge

Source: Dukascopy Bank SA
© Dukascopy Bank SA
Since early January the movements of AUD/SGD were bounded by two downward sloping lines that locked the pair in a 212-pips wide range. Surprisingly, while fluctuating within the limits of the wedge, the pair has not shown any willingness to break the chains created by the pattern.
Having reached a five-year low of 1.095 in mid-January, the pair has been moving higher but the rise was halted at the 200-hour SMA at 1.1219 that may continue acting as a hindrance for a climb. In fact, the pair now is trapped by its SMAs as the 50-hour SMA at 1.1179 may continue acting as a support thus preventing the downswing.
© Dukascopy Bank SA
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