Forex Market and AUD/SGD

Pipsafe Logo
Share this Post :


Technical analysis of AUD/SGD dated 19.02.2015

was in a strong and consistent downtrend during the recent months that sellers were successful in obtaining the lowest price of 1.0324.price with reaching to the supportive level which is shown in the picture below ( made of 4 bottom prices) has stopped from more descend( sellers used this level to exit their trades) and with formation of a bottom price in Weekly time frame has prepared a field for ascending of price.According to the previous week changes, previous week candle was closed as Hammer candlestick pattern which shows vulnerability of descending trend and potential for formation of a bottom price in this range.

As it is obvious in the picture below, between the top price of 1.1384 and bottom price of 1.0324 there is AB=CD harmonic pattern with ratios of 50 and 161.8 that warns the potential of ascending from the D point of this pattern.Stoch indicator is in saturation sell area in weekly time frame and in divergence mode with the price chart that warns about changing price direction during the next days.Generally according to the current situation, until the bottom price of 1.0324 is preserved, there is the potential for ascending of price and reformation of descending trend.


Written by the technical team of PipSafe Company




Categories :
Tags :


Alert Header

Alert Message