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Aud-sgd

AUD/SGD 4H Chart: Possible change in sentimentAUD/SGD continues to trade in a long-term descending channel. The pair, however, has diminished its trading range, as it failed to overcome the 1.06 mark late in January. The Aussie has been since edging lower in a junior channel and was consolidating near 1.0124 at the time of this analysis. This level is a 2017/2018 low. The pair trading sideways for the last four days suggests that the market sentiment might change in favour of bulls soon, especially given that this area is likewise reinforced by the weekly S1 and the monthly S2. In order to confirm this scenario, the Australian Dollar has to overcome two significant resistance levels, namely, the 55– and 100-hour SMAs and the weekly PP at 1.0250 and the 200-hour SMA at 1.03. A possible upside target is a downward-sloping trend-line circa 1.0450. The pair might even climb higher to test the upper boundary of the senior channel in the 1.07/08 territory.
Long
by UnknownUnicorn890690
AUD/SGD 1H Chart: Aussie breaks channelThe Australian Dollar was trading in a channel up against the Singapore Dollar for two months. During the last week, the Aussie failed to reach its upper boundary several times —a move which was followed by a soon breakout near the 1.0503 mark. At the time of the analysis, the pair was trading near 1.0500. In case it succeeds ate reversing to the upside from this two week low, this would confirm the bottom boundary of a newly-formed ascending channel, thus pointing to a subsequent surge. The current positioning of technical indicators suggests that the Aussie might be due for a correction upwards in line with the aforementioned junior channel. A possible upside target for this session could be the combined resistance of the 100– and 200-hour SMAs, while it might reach 1.0660 within the following week. On the other hand, a bearish breakout from 1.05 should send the pair towards the 38.2% Fibo retracement and the monthly S1 at 1.0445 and 1.0425, respectively.
Long
by UnknownUnicorn890690
AUD/SGD 1H Chart: Wedge prevailsThe Australian Dollar was stranded in a six-month channel down against the Singapore Dollar prior to breaching this pattern early January. This breakout occurred after the pair reached the 2017 low of 1.0142 on December 7. As a result, it has since managed to recover some of the previous losses and return at mid-October level. The Aussie has diminished its trading range in an ascending wedge. Characteristics of this patter suggest that the rate could approach its bottom boundary in the 1.0520/40 area. The rate might even fall down to the 1.0470 mark where the 200-hour SMA and the weekly PP are located. In case this level is breached, the Aussie might be pushed towards the weekly S1 at 1.0428. On the other hand, the pair could be sent towards the monthly R2 at 1.0660 if bulls prevail.
by UnknownUnicorn890690
AUD/SGD 1H Chart: Pair ready to breach wedgeThe Australian Dollar has appreciated against the Singapore Dollar during the past three weeks. This movement upwards has sent the pair closer to the upper boundary of a long-term channel down. If looking in the short term, the latest up-wave has been stranded in an ascending wedge. The Aussie has, however, remained near its northern boundary for several trading sessions. This suggest that it could eventually breach the weekly R1 located at 1.0401. This scenario would then push the rate towards the senior channel circa 1.0420. Meanwhile, technical indicators suggest that the rate could afterwards edge lower, thus failing to breach this mark. In case the 55-hour SMA is breached today, the Aussie is likely to stop near 1.0340.
by UnknownUnicorn890690
AUD/SGD 1H Chart: Aussie stranded in narrow rangeAUD/SGD has been dominated by a flat descending channel since late September, 2016. The pair’s last wave down in this pattern has been stranded in two additional channels. As apparent on the hourly chart, the Aussie still falls short from the bottom boundary of the senior channel near 1.0160; thus, there is still some downside potential. The monthly S2 at 1.0227 has halted the rate on two separate occasions during the past week. This factor, together with neutral technical indicators, suggest that the strong bearish sentiment might have allayed, thus giving bulls an opportunity to take the upper hand in the nearest time. Given the fact that the pair has been confined in a narrow range between the monthly S2 and the 55-hour SMA, no significant changes might occur during this session (in case the RBA Governor Philip Lowe does not shake the market dramatically). Subsequently, appreciation is expected to follow.
by UnknownUnicorn890690
AUD/SGD 1H Chart: Aussie moves in channelThe Aussie is trading in three channels simultaneously against the Singapore Dollar. The senior channel is more clearly apparent on the daily chart as it was formed mid-2015. Meanwhile, the medium-term descending channel has guided the pair towards the bottom line of the long-term channel during the past two months. The Aussie was trading in a wave down since October 19; however, sluggish Australian CPI data released early this morning resulted in a 74-pip plunge in just two hours. As a result, the rate is located at the bottom boundary of the most junior channel near the 1.0510 mark. This massive fall has pushed technical indicators in the strongly bearish territory. Thus, the most likely scenario favours the rate rebounding from this are and approaching a combined resistance of the 55-, 100– and 200-hour SMAs and the weekly PP near the 1.0630 mark. Given that the rate has still not reached the bottom boundary of the long-term channel, bears might prevail in the following weeks.
by UnknownUnicorn890690
AUD/SGD 1H Chart: Channel UpThe Australian Dollar is trading in an ascending channel against its Singaporean counterpart. Currently, the given exchange rate has entered a consolidation period, fluctuating between 1.0919 and 1.0758. As apparent on the chart, the last wave up failed to reach the upper boundary of the channel, suggesting that some change in trader sentiment may be due. Thus, it is expected that the Aussie does not return in the 1.1000/1.1100 area, but breaches the above channel up to the downside in the upcoming trading days. Nevertheless, this line is supported by the 55-, 100– and 200-hour SMAs circa 1.0820 that may hinder or even halt the pair from trading lower. A penetration of this area may add fuel to the increasingly bearish sentiment.
Short
by UnknownUnicorn890690
AUD/SGD 1H Chart: Channel DownAUD/SGD 1H Chart: Channel Down The Australian Dollar is trading against the Singapore Dollar in a short-term descending channel, which consists of four reaction highs and three reaction lows and, thus, might be broken already by the end of the week. Historically, the currency rate made multiple attempts to break to the top. However, each time these endeavours were stopped by a combination of the 55-, 100- and 200-hour SMAs. The fact that this pair is so sensitive to the above moving averages suggests that a breakout in the northern direction is unlikely to happen. Moreover, channels are continuation patterns and, thus, should not change a recently established general downtrend. The above assumption is additionally supported by the fact that 73% of traders hold short positions on this currency pair.
by UnknownUnicorn890690
Long AUDSGD after MAS easing policy and AUD employment dataBetter than expected employment data from Australia this week boosted the AUD against most currencies. Due to the previously weak USD, AUDUSD had already moved into a bullish sentiment zone, and this weeks data adds to that conviction. We note however a potential trade setup for AUDSGD as the good Aussie data accompanied by the easing move by MAS allowed the pair to break above the 1.04 handle, to turn the current sentiment from  a neutral sideways market to a bullish break out.  Visit our main page at www.fxgenesisfm.com for more analysis and articles, or if you wish to connect with fellow trend traders. :)
Long
by FxGenesis