AUD/SGD 1H Chart: Rising Wedge

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
Since January 13 the AUD/SGD currency pair has been decreasing its trading range, which eventually led to emergence of the present wedge pattern. At the same time, the Australian dollar is gradually appreciating versus its Singaporean peer. 
Currently the pair is quite well supported by a dense cluster of demand levels from the south, meaning that they are not likely to let bears end the current positive tendency, even despite the negative market sentiment. At the moment 70% of all opened positions on the SWFX market are short on the Aussie. Bullish outlook, in turn, is widely assumed by technical indicators both in medium and long-term.

© Dukascopy Bank SA
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