AUD/SGD 4H Chart: Descending Triangle

Source: Dukascopy Bank SA
© Dukascopy Bank SA
Judging by the latest developments, namely formation of the descending triangle, supply is building up in AUD/SGD. Accordingly, we expect a breach of 1.03 with an ensuing sell-off through the April low (1.0252) into the region of 1.0160.
On the other hand, violation of the major resistance area at 1.0410, created by the falling trend-line, monthly PP, and 200-period SMA, will invalidate the negative outlook. The target will then be the Jun 15 high at 1.0481, followed by the Jun high and monthly R3 at 1.0540. At the same time, there are a little more bears in the SWFX market than there are bulls. While the former constitute 55% of all traders, the latter take up 45% of the market.
© Dukascopy Bank SA
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