AUDSGD closes higher for the 2nd day in a row


Australian Dollar/Singapore Dollar (AUDSGD) Technical Analysis Report for Oct 11, 2019 | by Techniquant Editorial Team

Highlights

AUDSGD pushes through key technical resistance level
AUDSGD fails to close above 20-day moving average
AUDSGD closes higher for the 2nd day in a row
AUDSGD pushes through Thursday's high
AUDSGD still stuck within tight trading range

Overview

Moving higher for the 2nd day in a row, AUDSGD finished the week -0.07% lower at 0.9327 after gaining 29 pips (0.31%) today. Closing above Thursday's high at 0.9319, AUD/SGD confirmed its breakout through the prior session high after trading up to 31 pips above it intraday.

Daily Candlestick Chart (AUDSGD as at Oct 11, 2019):

Daily technical analysis candlestick chart for Australian Dollar/Singapore Dollar (AUDSGD) as at Oct 11, 2019

Friday's trading range has been 61 pips (0.66%), that's above the last trading month's daily average range of 50 pips. Things look different on the weekly timeframe, where the market's trading range of the last week has been below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for AUDSGD. Prices continued to consolidate within a tight trading range between 0.9275 and 0.9350 where it has been caught now for the whole last trading week.

Buyers managed to take out the key technical resistance level at 0.9317 (now S1), which is likely to act as support going forward. The last time this happened on October 4th, AUDSGD actually lost -0.36% on the following trading day. After spiking up to 0.9350 during the day, the FX pair found resistance at the 20-day moving average at 0.9334.

The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.

As prices are trading close to October's high at 0.9370, upside momentum could accelerate should the forex pair mark new highs for the month. Trading close to August's low at 0.9246 we might see further downside momentum if potential sell stops at the level get triggered.

Among the five market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "2 Consecutive Higher Closes" stand out. While it is usually interpreted as bullish, it has actually shown to be bearish for AUD/SGD. Out of 324 times, AUDSGD closed lower 54.32% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the short side has been after 10 trading days, showing a win rate of 55.56% with an average market move of -0.19%.

With six out of the seven Major FX Pairs closing higher today, the ones that stand out on the positive side are GBPUSD gaining 1.67% and AUDUSD closing 0.47% higher. On the flipside the worst performer has been USDCAD closing -0.67% lower. Looking at the other Minor FX Pairs and Crosses, the winners of the day have been ZARJPY surging 2.23% and GBPJPY closing 2.1% higher. The worst performers of the day have been CHFZAR tanking -1.88% and USDZAR closing -1.87% lower. Read more


Market Conditions for AUDSGD as at Oct 11, 2019

Loading Market Conditions for AUDSGD (Australian Dollar/Singapore Dollar)...
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