Patterns: AUD/SGD NZD/CHF
|AUD/SGD 1H Chart: Bulls likely to prevail
The Australian Dollar has been appreciating against the Singapore Dollar since the beginning of December after the pair reversed from the upper boundary of the falling wedge.
As apparent on the chart, the currency pair is testing the lower wedge line located near 0.9700. From the theoretical point of view, a reversal north occurs in the nearest future, and the rate targets the upper wedge line near the 1.0000 mark.
Technical indicators suggest that the exchange rate is in the oversold zone, thus, if given wedge does not hold, a breakout north might occur within following sessions. Potential upside target is the psychological level at 1.0100.
NZD/CHF 1H Chart: Short-term channel in sight
The New Zealand Dollar has been depreciating against the Swiss Franc since the beginning of December. This movement has been bounded in the descending channel.
It is expected that the general direction remains south as the currency pair is being pressured by the 55-, 100– and 200-hour SMAs. It is likely that the rate targets the psychological level at the 0.6600 mark. Technical indicators for the short run support bearish scenario.
However, if given channel holds, short-term advance is expected to occur in the nearest future. Most likely the exchange rate re-tests the 200-hour moving average within following sessions and then reverses south.
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.