© Dukascopy Bank SA
Just Friday the upper trend-line on an hourly chart of AUD/SGD was intact. However, a few hours ago the rising wedge was breached to the upside, a promising for the bulls event, despite the formation itself implying a bearish scenario.
Neither the bearish line at 1.1701 nor the daily R1 were able to halt the currency pair. Now they have to be confirmed by AUD/SGD as supports in order for the Australian Dollar continue outperforming its counterpart from Singapore. If this is the case, then the pair will face significant supply areas at 1.1789/66 (daily R2 and 200-hour SMA) and at 1.1835 (daily and four-hour R3).
© Dukascopy Bank SA