AUD/SGD 1H Chart: Broadening Falling Wedge

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
After a period of consolidation on October and November, the Aussie's strength started to fade, as the pair fell. While on 5th of December the currency pair started to form a broadening falling wedge pattern.
The pair has reached the upper trend-line of the pattern that is above the 1.07 level. The technical indicators are mixed, as they are pointed in different directions in each time frame. There are many resistance levels that could hold back the pair's bulls from pushing it higher. Nonetheless, the bearish traders' are in a distinct majority over the bullish ones, as 70.73% of them have opened short positions.
© Dukascopy Bank SA
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