AUD/SGD 1H Chart: Descending Triangle

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
AUD/SGD confirmed the lower bound of the bullish channel forming in the daily chart in May, and right now the pair is in the upward wave within the channel. However, there are plenty of reasons to be bearish on the Aussie at the moment, the main being the emergence of a descending triangle, a pattern that signifies growing supply. If the support at 1.00 is broken, the price will most likely slide further south, down to the 10-month up-trend at 0.99. At the same time, the near-term indicators are mostly bearish, and the Australian currency is overbought—72% of positions in the SWFX market are long, which reinforces the negative bias with respect to the currency pair at least for this week.
© Dukascopy Bank SA
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