AUDSGD pushes through Monday's high
Australian Dollar/Singapore Dollar (AUDSGD) Technical Analysis Report for Jun 30, 2020 | by Techniquant Editorial Team
Moving higher for the 2nd day in a row, AUDSGD finished the month 2.12% higher at 0.9620 after gaining 50 pips (0.52%) today on low volume. Closing above Monday's high at 0.9595, the forex pair confirmed its breakout through the prior session high after trading up to 38 pips above it intraday.
Daily Candlestick Chart (AUDSGD as at Jun 30, 2020):
Tuesday's trading range has been 86 pips (0.9%), that's slightly below the last trading month's daily average range of 103 pips. Weekly volatility is also lower, being below the market's average weekly trading range. The longer-term, monthly volatility is currently lower than usual for AUDSGD. Prices continued to consolidate within a tight trading range between 0.9532 and 0.9665 where it has been caught now for the whole last trading week.
One bullish candlestick pattern matches today's price action, the White Candle. The last time a White Candle showed up on June 22nd, AUDSGD gained 0.22% on the following trading day.
After spiking up to 0.9633 during the day, the market found resistance at the 20-day moving average at 0.9620.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Selling could accelerate should prices move below the close-by swing low at 0.9532 where further sell stops might get activated. With prices trading close to this year's high at 0.9768, upside momentum could speed up should AUD/SGD be able to break out to new highs for the year.
Among the eight market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "White Candle" stand out. While it is usually interpreted as bullish, it has actually shown to be bearish for AUD/SGD. Out of 490 times, AUDSGD closed lower 54.49% 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 54.90% with an average market move of -0.20%.
With four out of the seven Major FX Pairs closing higher today, the ones that stand out on the positive side are GBPUSD gaining 0.82% and NZDUSD closing 0.53% higher. On the flipside the worst performers have been USDCAD closing -0.62% lower and USDCHF losing -0.41%. Looking at the other Minor FX Pairs and Crosses, the winners of the day have been GBPZAR surging 1.31% and GBPJPY closing 1.16% higher. The worst performers of the day have been USDNOK tanking -1.51% and EURGBP closing -0.9% lower. Read more