Dukascopy

AUD/SGD 1H Chart: Pair ready to breach wedge

OANDA:AUDSGD   AUD/SGD
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.
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