AUDSGD climbs to highest close since January 6th
Australian Dollar/Singapore Dollar (AUDSGD) Technical Analysis Report for Feb 14, 2020 | by Techniquant Editorial Team
AUDSGD ended the week 0.82% higher at 0.9348 after gaining 12 pips (0.13%) today on low volume. Today's close at 0.9348 marks the highest recorded closing price since January 6th. Closing within the prior day's range, prices failed to decisively move beyond the previous day's trading range in a lackluster session.
Daily Candlestick Chart (AUDSGD as at Feb 14, 2020):
Friday's trading range has been 32 pips (0.34%), that's below the last trading month's daily average range of 53 pips. Weekly volatility is also lower, being below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for AUDSGD. Prices continued to consolidate within a tight trading range between 0.9304 and 0.9365 where it has been caught now for the last three trading days.
During the whole day, prices traded within the prior day's range, unable to trade above the previous day's high or below the prior day's low forming an Inside Bar. Additionally, one bearish candlestick pattern matches today's price action, the Last Engulfing Top Pattern.
Prices are trading close to the key technical support level at 0.9317 (S1). Prices are trading close to the key technical resistance level at 0.9360 (R1). After having been unable to move above 0.9365 in the previous session, AUD/SGD ran into sellers again around the same price level today, failing to move higher than 0.9359. The last time this happened on January 30th, AUDSGD lost -0.34% on the following trading day.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Buying might accelerate should prices move above the close-by swing high at 0.9365 where further buy stops could get triggered. With prices trading close to this year's high at 0.9447, upside momentum might speed up should the FX pair be able to break out to new highs for the year.
Among the four market conditions that our pattern recognition engine identified today, the statistics for the Technical Indicators based market condition "RSI(2) above 80" stand out. Its common bearish interpretation has been confirmed for AUD/SGD. Out of 277 times, AUDSGD closed lower 51.62% 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 53.79% with an average market move of -0.22%.
With five out of the seven Major FX Pairs closing lower today, the ones that stand out on the negative side are USDCAD losing -0.12% and EURUSD closing -0.08% lower. On the flipside the best performers have been USDCHF closing 0.28% higher and GBPUSD gaining 0.02%. Looking at the other Minor FX Pairs and Crosses, the winners of the day have been USDSEK surging 0.51% and EURSEK closing 0.43% higher. The worst performers of the day have been EURHUF tanking -0.65% and USDHUF closing -0.58% lower. Read more