AUD/SGD 4H Chart: Broadening Rising Wedge

Source: Dukascopy Bank SA
© Dukascopy Bank SA
In just seven-day time period at the end of March, the Aussie lost 570 pips against the Singapore Dollar. Support was found at 1.0250 and AUD/SGD pair resumed appreciating, eventually creating the broadening rising wedge pattern. However, at current stage the pair is undergoing a period of correction, which is likely to extend down to the pattern's lower boundary in the medium-term. Negative impetus should be provided by weekly PP and 100-period SMA around 1.0440. Moreover, daily technical studies are pointing to the south at the moment. However, in the long-term we predict to observe a revival of AUD/SGD's bullish trend, as 71% of all positions are opened to acquire the Aussie.
© Dukascopy Bank SA
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