AUD/SGD 4H Chart: Rising Wedge

Source: Dukascopy Bank SA
© Dukascopy Bank SA
Considering that since the beginning of February AUD/SGD has been forming a rising wedge, there is an increased probability of a significant sell-off. At the moment the key support is at 1.0637, where the 200-period SMA merges with the one-month up-trend and the weekly PP. If this level is breached, the Aussie may fall as low as the Feb minimum at 1.0327, but the currency will also have a good chance to stabilise at the Feb 19 and 11 lows at 1.0535 and 1.0408, respectively. However, the technical signal that longs positions are safe for now, and the upward momentum has not yet been fully exhausted. As for the sentiment, 71% of traders are short the Australian Dollar against its Singapore peer.
© Dukascopy Bank SA
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