AUD/SGD (LONG - BUY)

28 thg 7, 2019

AUD/SGD (LONG - BUY)

On the weekly chart the AUD/SGD have just completed a Minor (weeks) Elliot wave cycle. The daily chart have just completed wave 4 on a Minute (days) Elliot wave cycle and a trend reversal on the daily and 4 hourly is therefore expected towards an expected uptrend.

Elliott Wave Theory Categories:
Grand Supercycle (multi-century)
Supercycle (about 40–70 years)
Cycle (one year to several years)
Primary (a few months to a couple of years)
Intermediate (weeks to months)
Minor (weeks)
Minute (days)
Minuette (hours)
Sub-Minuette (minutes)
A Descending Triangle has formed on the monthly chart which indicated a trend reversal and therefore a possible beginning of a new uptrend if the monthly support line remains strong. In descending triangle chart patterns, there is a string of lower highs which forms the upper line. The lower line is a support level in which the price cannot seem to break.

The monthly trend is Bearish
The weekly trend is Bearish
The Daily trend is Bullish
The H4 trend is Bullish

Institutional Order Flow Areas (aka Supply & Demand):
Institutional Order Flow Areas (Demand) has been resisted once on the hourly chart

Currency Strength Indication:
Weekly: The SGD is slightly stronger than the AUD

Fundamental Consideration for the week:
AUD High: 3
AUD Medium: 1
SGD High: 0
SGD Medium: 0

Entry:
Entry at: 0.94568

Take Profit:
TP1: 0.95089 (move SL to TP1 once reached)
TP2: 0.95318
TP3: 0.95921

Stop Loss:
Stop Loss at around 0.94092


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