AUD/SGD 1H Chart: Triangle pattern
The Australian Dollar has been depreciating gradually against the Singapore Dollar since the middle of August. This movement has been bounded in a descending triangle.
Assuming that this pattern is to hold intact for a couple of sessions, the Australian Dollar should gain momentum and aim for its upper line located near 1.0000. Then, most likely a breakout south should occur.
From a theoretical point of view, this breakout should be followed by a surge, at least in the short term. The nearest downside target is the monthly S3 at the 0.9914 mark.
Assuming that this pattern is to hold intact for a couple of sessions, the Australian Dollar should gain momentum and aim for its upper line located near 1.0000. Then, most likely a breakout south should occur.
From a theoretical point of view, this breakout should be followed by a surge, at least in the short term. The nearest downside target is the monthly S3 at the 0.9914 mark.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.