Dukascopy Bank Team
Dukascopy Bank SA
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.
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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