AUDSGD 4h head & shoulders, broke necklinePrice made a head & shoulders in the 1.0575 - 1.0600 area. Recently broke the neckline, pulling back. Short while 1.0575 holds.
AUDSGD trade ideas
AUD/SGD 1H Chart: Wedge prevailsThe Australian Dollar was stranded in a six-month channel down against the Singapore Dollar prior to breaching this pattern early January. This breakout occurred after the pair reached the 2017 low of 1.0142 on December 7. As a result, it has since managed to recover some of the previous losses and return at mid-October level.
The Aussie has diminished its trading range in an ascending wedge. Characteristics of this patter suggest that the rate could approach its bottom boundary in the 1.0520/40 area. The rate might even fall down to the 1.0470 mark where the 200-hour SMA and the weekly PP are located.
In case this level is breached, the Aussie might be pushed towards the weekly S1 at 1.0428. On the other hand, the pair could be sent towards the monthly R2 at 1.0660 if bulls prevail.
AUD/SGD 1H Chart: Pair ready to breach wedgeThe 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.
AUDSGD LongSee callout bubbles. The SGD likes to move in tandem with the USD, so if we're thinking long AUDUSD, we might as well be thinking long AUDSGD. Here is a nice place to possibly join the uptrend. I believe that this one has a lot of potential going for it, so let's hang in there and get that second target!
Always measure your risk and be okay with being wrong ; )
AUDSGD ShortSee callout bubbles. I usually don't do much with the Exotics, but there is a nice little setup playing out on the AUDSGD pair. Let's go short within the highlighted area and look to take profit at 2:1 risk/reward with a second flexible target further below.
Always measure your risk and be okay with being wrong ; )
A$ "down under" S$Look at the 3 triangles highlighted, the first two touches the 61.8 FIB level and rebounded. We are watching closely the candles for signs before buying AUDSGD.
What this means is that the A$ and S$ pair is reaching parity. A$1 = S$1. Parents who are sending their children to Australia to study may be happy as the exchange rate is in their favour. The lower it goes, the lesser S$ is needed to change for A$, so they can remit more A$ with lesser S$ to their children who are studying in Australia, a popular country for education amongst the Asians.
AUD/SGD 1H Chart: Aussie stranded in narrow rangeAUD/SGD has been dominated by a flat descending channel since late September, 2016. The pair’s last wave down in this pattern has been stranded in two additional channels.
As apparent on the hourly chart, the Aussie still falls short from the bottom boundary of the senior channel near 1.0160; thus, there is still some downside potential.
The monthly S2 at 1.0227 has halted the rate on two separate occasions during the past week. This factor, together with neutral technical indicators, suggest that the strong bearish sentiment might have allayed, thus giving bulls an opportunity to take the upper hand in the nearest time.
Given the fact that the pair has been confined in a narrow range between the monthly S2 and the 55-hour SMA, no significant changes might occur during this session (in case the RBA Governor Philip Lowe does not shake the market dramatically).
Subsequently, appreciation is expected to follow.
AudSGD LongRealizing that Aussie going to do something such as AudCad,AudChf,AudUsd.
And AudSgd as well.
So I on Long side, volume also shown us Price will be pushing up some level.
I will monitor what high of tick volume coming out next.
AUD/SGD 1H Chart: Aussie moves in channelThe Aussie is trading in three channels simultaneously against the Singapore Dollar. The senior channel is more clearly apparent on the daily chart as it was formed mid-2015. Meanwhile, the medium-term descending channel has guided the pair towards the bottom line of the long-term channel during the past two months.
The Aussie was trading in a wave down since October 19; however, sluggish Australian CPI data released early this morning resulted in a 74-pip plunge in just two hours. As a result, the rate is located at the bottom boundary of the most junior channel near the 1.0510 mark.
This massive fall has pushed technical indicators in the strongly bearish territory. Thus, the most likely scenario favours the rate rebounding from this are and approaching a combined resistance of the 55-, 100– and 200-hour SMAs and the weekly PP near the 1.0630 mark. Given that the rate has still not reached the bottom boundary of the long-term channel, bears might prevail in the following weeks.
AUDSGD - H4, Potential Bearish Alternate Bat PatternAUDSGD - H4, Potential Bearish Alternate Bat Pattern
AUD/SGD 1H Chart: Channel UpThe Australian Dollar is trading in an ascending channel against its Singaporean counterpart. Currently, the given exchange rate has entered a consolidation period, fluctuating between 1.0919 and 1.0758. As apparent on the chart, the last wave up failed to reach the upper boundary of the channel, suggesting that some change in trader sentiment may be due. Thus, it is expected that the Aussie does not return in the 1.1000/1.1100 area, but breaches the above channel up to the downside in the upcoming trading days. Nevertheless, this line is supported by the 55-, 100– and 200-hour SMAs circa 1.0820 that may hinder or even halt the pair from trading lower. A penetration of this area may add fuel to the increasingly bearish sentiment.
AUDSGD 1d out of range, sell retestPrice is retesting both an important S/D area, and also the EMA.
See linked idea.
AUDSGD 1d out of range, sell retest - After long consolidation in tight range with support area around 1.0700,
price finally broke below, with strong momentum.
- MA crossunder.
- Wait for a retest around 1.0680.
AUD/SGD 1H Chart: Channel DownAUD/SGD 1H Chart: Channel Down
The Australian Dollar is trading against the Singapore Dollar in a short-term descending channel, which consists of four reaction highs and three reaction lows and, thus, might be broken already by the end of the week.
Historically, the currency rate made multiple attempts to break to the top.
However, each time these endeavours were stopped by a combination of the 55-, 100- and 200-hour SMAs.
The fact that this pair is so sensitive to the above moving averages suggests that a breakout in the northern direction is unlikely to happen.
Moreover, channels are continuation patterns and, thus, should not change a recently established general downtrend.
The above assumption is additionally supported by the fact that 73% of traders hold short positions on this currency pair.
