AUD/SGD 1H Chart: Strong support found
Upside risks dominated the AUD/SGD currency pair, thus sending the Australian Dollar 0.92% higher against the Singapore Dollar. This gradual increase in price began at the beginning of October when the rate reversed from the bottom boundary of falling wedge.
If looking at the pair's current movement, it has breached the 55-, 100– and 200-hour SMAs on the 1H time frame. Thus, it is expected that these lines help to support the rate, thus leading to further advance.
However, technical indicators for the 1D and 1W suggest that bearish momentum might occur soon. It is unlikely that the pair falls below the monthly S1 at 0.9971.
If looking at the pair's current movement, it has breached the 55-, 100– and 200-hour SMAs on the 1H time frame. Thus, it is expected that these lines help to support the rate, thus leading to further advance.
However, technical indicators for the 1D and 1W suggest that bearish momentum might occur soon. It is unlikely that the pair falls below the monthly S1 at 0.9971.