AUD/SGD 1H Chart: Double Bottom

Source: Dukascopy Bank SA
© Dukascopy Bank SA
AUD/SGD cross is attempting to recover its deep losses that occurred in the past two weeks, when the value of the Australian Dollar fell from 1.04 down to 1.00 versus the Singapore Dollar. The main obstacle for bulls is currently represented by the weekly PP at 1.0077, which is strengthened by the daily PP, 55 and 100-hour SMAs from below. A close above all of them will provide the market with a substantial bullish momentum. Among technical indicators, the short-term ones are quite optimistic, even though the Aussie's upbeat sentiment is unlikely to remain untouched in the next 24 hours. Moreover, 71% of SWFX traders are short on this currency pair at the moment.

© Dukascopy Bank SA
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