AUD/SGD 4H Chart: Descending Triangle

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
The Australian Dollar is set to decline against its Singapore counterpart. The currency pair confirmed the multi-year falling resistance line in the first half of July, and since then AUD/SGD has formed a pattern that indicates weakening demand. Our near-term target is 1.0125/20, created by the lower bound of the descending triangle and by the 200-period SMA. Despite the toughness of this area, however, it is expected to be breached in the longer-term perspective, and the new objective will then be 0.99. An additional argument in favour of a decline is the fact that the Aussie is heavily overbought—three out of four open positions in the SWFX market are currently long.
© Dukascopy Bank SA
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