Technical Analysis of AUD/SGD Dates 2014.12.23
AUD/SGD since 19.02.2012 till now was in a strong and consistent downtrend that Sellers were successful in achieving the lowest price of 1.06173.Price during the downtrend by reaching to the important support level(made of 2 bottom prices) and touching the Fibonacci resistance level of 61.8( from the top price of 1.35984 to bottom price of 0.90713) has been stopped from more descends by creating a bottom price.According to the formed price movements in the chart, between the bottom price of 1.06173 and top price of 1.20467,there is AB=CD harmonic pattern with ratios of 78.6 and 161.8 (also at CD wave there is another pattern with ratios of 50 and 200) that with completion of the D point there will be a warning for ascending of price.
RSI indicator in daily time frame is in saturation Sell area and according to the next cycle confirms the created bottom price and warns about the possibility of ascending of the price during the next candles.Currently by breaking the resistance level of 1.07752, there will be an important warning for ascending of the price.Generally according to the technical signs in the price chart, until the bottom price of 1.06173 is preserved; there is the potential for ascending and price reformation in this currency pair.
Written by the technical team of PipSafe Company
AUD/SGD Chart dated 2014.12.23
Tags : AUD aud/sgd sgd