The Australian Dollar has appreciated against the Singapore Dollar during the past three weeks. This movement upwards has sent the pair closer to the upper boundary of a long-term channel down.
If looking in the short term, the latest up-wave has been stranded in an ascending wedge. The Aussie has, however, remained near its northern boundary for several trading sessions. This suggest that it could eventually breach the weekly R1 located at 1.0401. This scenario would then push the rate towards the senior channel circa 1.0420.
Meanwhile, technical indicators suggest that the rate could afterwards edge lower, thus failing to breach this mark. In case the 55-hour SMA is breached today, the Aussie is likely to stop near 1.0340.
If looking in the short term, the latest up-wave has been stranded in an ascending wedge. The Aussie has, however, remained near its northern boundary for several trading sessions. This suggest that it could eventually breach the weekly R1 located at 1.0401. This scenario would then push the rate towards the senior channel circa 1.0420.
Meanwhile, technical indicators suggest that the rate could afterwards edge lower, thus failing to breach this mark. In case the 55-hour SMA is breached today, the Aussie is likely to stop near 1.0340.