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AUD:SGD pierces resistance and finds support.

Oleh cybernetwork

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Ready to head up higher?

See previous analysis:

Bullish Divergence on the AUDSGD 1W chart.

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Looking at the PRISM and FUSIONGAPS oscillators:

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Full Chart and TrendLines:

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The last two candle bars held UNDER the upper blue trend line, instead of above -- indicating that the price is being rejected and the upper blue trend line is still continuing to act as a resistance trendline.

AUD is more likely to fall back lower, especially if the next candle further confirms this.

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Price tested above the upper blue trendline but fails to find support and drops below, and getting rejected by it over the last 3 6hrly candles -> A very bearish sign.

Latest prediction is for AUD to come down to the 61.8 % level at 0.933 SGD.

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Price evolution indicates uncertainty in the market at this resistance level atm.
Switching to a "wait and see" stance:

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Looking at the higher (6hr) timeframe.

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Bullish perspective:

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AUDSGD unable to pierce above the resistance.
Probably ready to head back down to the bottom blue support line at around 0.9 SGD.

cybernetwork

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