© Dukascopy Bank SA
After finding a strong support at the 200-period SMA 100 hours ago AUD/SGD was able to commence a recovery that still persists. The price action during this time interval suggests that at the moment the currency pair is highly unlikely to breach the support at 1.1913 where it is currently trading. This area is formed by the daily pivot point and the up-trend line.
Accordingly, we are inclined to believe that the price is well-positioned to advance towards the upper trend-line, namely en route to 1.1997. Additionally, 72% of SWFX traders are bullish on AUD/SGD.
© Dukascopy Bank SA