AUD/SGD 4H Chart: Channel Up

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
The Aussie is simultaneously surging against the Singapore Dollar in three patterns, as the currency exchange rate is in two ascending channels and a rising broadening wedge. First of all, on larger scale the rate is trading in the before mentioned wedge. Secondly there is a channel up pattern, which represents the rates surge between the borders of the wedge. Last but not least, in the middle of the medium channel there is a lesser ascending channel, which is a representation of the rates short term surge. The currency pair is most likely set to surge until the levels around 1.0550, where it will meet two resistance lines and bounce off of them to begin a fall to the medium term channel's lower trend line. Moreover, the pair is oversold with 75% of open positions being long.
© Dukascopy Bank SA
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