AUD/SGD 4H Chart: Double Bottom

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
The Australian Dollar is emerging from a 207 bar double bottom pattern against the Singapore Dollar in a four-hour time frame, which confirms its rebound from the lower bound of the major bullish channel at 0.9880. At the moment, the currency exchange rate is at 1.0066, and it is moving upwards, going through resistance after resistance. This week the pair passed the 55 and 100-period SMAs and weekly pivot point around 0.9980. Further north the Aussie is to face the first weekly resistance at 1.0080 and the weekly R2 at 1.0154. And u-most is the upper channel up pattern's trend line at around 1.0600. In the meantime, the aggregate technical indicator predicts appreciation of the pair.
© Dukascopy Bank SA
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