AUD/SGD 1H Chart: Broadening Rising Wedge

Source: Dukascopy Bank SA
© Dukascopy Bank SA
A rise by AUD/SGD has been developing inside two diverging upward sloping lines; in other words, within the boundaries of the broadening rising wedge.
At the moment, the currency couple is vacillating above the 50-bar SMA at 1.1696, albeit slightly and given a moderately bearish sentiment on the SWFX-circa 60% of traders bet on depreciation of the pair-we may expect the Australian Dollar to lose some ground against its Singapore's peer. If these expectations materialize, the pair is likely to fall below the 50-hour SMA and in case the level of 1.1689/4 (daily S1, S2) fails to contain the decline, a breakout may follow.
© Dukascopy Bank SA
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