AUD/SGD 1H Chart: Falling Wedge

Source: Dukascopy Bank SA
© Dukascopy Bank SA
Yesterday AUD/SGD met a crucial resistance, which consists of several moving averages and the weekly PP at 1.0154/91. Moreover, today this area is reinforced by the daily PP. They all are guarding the pattern's upper boundary, meaning there will be attempts to prevent the Aussie from any further gains. A surge above 1.0191 will immediately expose the trend-line, which will be expected to be crossed due to absence of any other major supply levels until 1.0274 (weekly R1). The bearish scenario, however, looks more realistic for this particular currency pair. To support the bears, daily technical indicators are pointing downwards, while 73% of all traders are AUD-long, which makes it overbought versus SGD.
© Dukascopy Bank SA
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