AUD/SGD: Look for more downside pressure
|AUD/SGD has been in an uptrend since the 20th of March 2020. The chart shows us having completed wave v of 5 with a larger correction expected
to reach wave iv.
The move lower is a clear impulse with five waves down on the lower time frame. We are now correcting higher as wave b or x. Once the correction higher is over we can look for entries to the downside targeting the first yellow zone.
The key level to look out for is a break of wave v of 5 higher at 1.05427. We could break the wave v of 5 higher as an expanded flat but we cannot pass 1.06513 as this would invalidate our count. We have plenty of short opportunities that lie ahead as long as we stay corrective.
No key news events will affect this pair this week.
Res: 1.05427; 1.06118; 1.06560
Sup: 1.03270; 1.02155; 1.01142
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