AUD/SGD 1H Chart: Broadening Falling Wedge

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
The Australian currency has just bounced from the lower boundary to start trading in the northern direction. However, on the pair's way to the upper trend-line it is going to face a number of strong resistances, which are likely to prevent the easy case of reaching the pattern's resistance at 1.1260. In case of failure on any of them, the AUD/SGD pair will be under the risk of going back to the pattern's support at 1.1064. Technical indicators give no optimistic signals at the moment, while four-hour ones are sending aggregate bearish sings. Market sentiment is rather mixed; however, the swing is to the downside, being that 53% of all positions are short and 47% bet on the pair's advance.
© Dukascopy Bank SA
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