AUD/SGD 1H Chart: Broadening Rising Wedge

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
Despite rather strong negative market sentiment among traders on perspectives of the AUD/SGD currency pair (62.5% of opened positions are bearish), there are several signs the Australian currency is going to outperform the Singaporean one. At first, right now the pair is receiving a major support  from the cluster of demand levels around 1.0640. Besides that, the medium-term goal of the cross is located at the upper trend-line, being that two days ago bulls managed to push the Aussie upwards. Meanwhile,  technical indicators on all time-frames are giving confident bullish  signals on aggregate, while there are just two separate studies that suggest the pair should be sold in the future.
© Dukascopy Bank SA
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