AUDSGD closes higher for the 6th day in a row
Australian Dollar/Singapore Dollar (AUDSGD) Technical Analysis Report for Mar 26, 2020 | by Techniquant Editorial Team
Moving higher for the 6th day in a row, AUDSGD ended Thursday at 0.8678 gaining 52 pips (0.6%). Trading up to 116 pips lower after the open, AUD/SGD managed to reverse during the session as bulls took control ending the day above its opening price. The last time this happened on Monday, AUDSGD gained 1.03% on the following trading day. Closing within the previous day's range, prices missed to decisively move beyond the prior day's trading range.
Daily Candlestick Chart (AUDSGD as at Mar 26, 2020):
Thursday's trading range has been 199 pips (2.31%), that's slightly below the last trading month's daily average range of 232 pips. Things look different on the weekly timeframe, where the market's trading range of the last week has been slightly above the market's average weekly trading range. The longer-term, monthly volatility is currently notably higher than usual for AUDSGD. Prices continued to consolidate within a tight trading range between 0.8493 and 0.8779 where it has been caught now for the last three trading days.
Buyers managed to take out the key technical resistance level at 0.8638 (now S1), which is likely to act as support going forward.
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
Buying could speed up should prices move above the close-by swing high at 0.8779 where further buy stops might get activated.
Among the six market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "Up Close near high of period" stand out. Though it is usually interpreted as bullish, it has actually shown to be bearish for AUD/SGD. Out of 479 times, AUDSGD closed lower 56.37% 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 53.65% with an average market move of -0.15%.
With four out of the seven Major FX Pairs closing higher today, the ones that stand out on the positive side are GBPUSD gaining 2.72% and NZDUSD closing 1.88% higher. On the flipside the worst performers have been USDCHF closing -1.43% lower and USDJPY losing -1.42%. Looking at the other Minor FX Pairs and Crosses, the winners of the day have been GBPHKD surging 2.72% and GBPZAR closing 2.65% higher. The worst performers of the day have been USDMXN tanking -4.12% and USDNOK closing -3.12% lower. Read more