AUD/SGD 1H Chart: Broadening Falling Wedge

AUDSGD

Comment: After a period of consolidation on October and November, the Aussie’s strength started to fade, as the pair fell. While on 5th of December the currency pair started to form a broadening falling wedge pattern.

The pair has reached the upper trend-line of the pattern that is above the 1.07 level. The technical indicators are mixed, as they are pointed in different directions in each time frame. There are many resistance levels that could hold back the pair’s bulls from pushing it higher. Nonetheless, the bearish traders’ are in a distinct majority over the bullish ones, as 70.73% of them have opened short positions.


GBP/AUD 4H Chart: Channel Up

GBPAUD

Comment: The British currency similarly to most of the other currencies has outperformed the Aussie in the last weeks. Moreover, the pair started to form a bullish channel on 28th of November.

Currently, the pair is underpinned by the monthly R2 and daily PP at 1.9102/45. That could potentially push the pair higher towards the weekly R2 at 1.9358. And even though the 4H technical studies are bearish, the daily and weekly ones are strongly bullish. The SWFX market participants have not decided what positions to open, as the sentiment is neutral with 53.44% being short. If the monthly R2 is breached then a sell-off towards the 1.90 is possible.

This overview can be used only for informational purposes. Dukascopy SA is not responsible for any losses arising from any investment based on any recommendation, forecast or other information herein contained.

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