This article presents my view on Australia Dollar versus Singapore Dollar. It is important for many Singaporeans especially when Australia is a key tourist place and many of Singaporean students are studying in Australia. What is most important is how outlook on risk forex – Australia dollar is going to far against an Asian currency.
Outlook of AUDSGD
On a longer term perspective, AUDSGD has broken out of a downsloping trendline, marking end of a falling movement. Currently, it is at a resistance zone with round number 1.3000 offering key resistance
Audsgd now at resistance zone
How to use Daily AUDSGD outlook for trading purposes
On a lower timeframe, we can make use of these information to trade. A closer look into the H4 timeframe reveals reversal chart pattern
- Pending completion a double top
- Completed a Head and Shoulder pointing to further downside
In lower timeframe, we see clearly a completion of head and shoulder reversal pattern
Still with a larger picture outlook, AUDSGD is on the rise. However short term presents a trading opportunity. The long term downsloping trendline offers some form of support.
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