AUD/SGD 4H Chart: Rising Wedge

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
Although on the daily time-frame the market is evidently bearish, on the shorter time-frame buying on dips still seems to be an option, albeit with an above-average risk.
For now AUD/SGD is expected to keep fluctuating within the boundaries of a rising wedge, and this implies that the exchange rate will likely recover from 1.0560 after falling from immediate resistance at 1.07. However, the upside potential should be limited by a dense supply area between 1.0750 and 1.0800, where the currency pair is assumed to meet the major falling trend-line, which has been guiding the Aussie south since the beginning of last year's September.
© Dukascopy Bank SA
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