Patterns: AUD/NZD, AUD/SGD
|AUD/NZD 1H Chart: Short-term advance expected
The AUD/NZD exchange rate has been trading upwards since the beginning of August when it reversed north from the psychological level at 1.0350. As apparent on the chart, the rate has already tested the 1.0700 level.
Note that the currency pair is supported by the 55-, 100– and 200-hour moving averages, currently located in the 1.0621/1.06664 range. Thus, it is likely that some upside potential could prevail in the market. In this case, the pair could reach the upper boundary of the long-term descending channel in the 1.0750/1.090 range.
However, note that the rate has to surpass the resistance level formed by the weekly R1 at 1.0742. If the given level holds, a reversal south could occur.
AUD/SGD 1H Chart: Bears likely to prevail
The AUD/SGD exchange rate has been trading sideways in the 0.9340/0.9420 area since the beginning of August. Currently, the rate is trading at the monthly R3 at 0.9348.
Given that the exchange rate is pressured by the 55-, 100– and 200-hour moving averages, currently located in the 0.9344/0.9368 range, it is likely that bears could prevail in the market. A possible downside target is the lower boundary of the long-term descending channel located in the 0.9200/0.9400 range.
It is unlikely that bulls could prevail in the market, and the Australian Dollar could exceed the 0.9500/0.9550 range against the Singapore Dollar due to the resistance of the upper channel line.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.