AUDSGD runs into sellers again around 0.9693
Australian Dollar/Singapore Dollar (AUDSGD) Technical Analysis Report for Jul 03, 2020 | by Techniquant Editorial Team
Moving higher for the 5th day in a row, AUDSGD ended the week 1.18% higher at 0.9679 after gaining 18 pips (0.19%) today on low volume. Today's close at 0.9679 marks the highest recorded closing price since June 10th. Closing within the previous day's range, prices failed to decisively move beyond the prior day's trading range in a lackluster session.
Daily Candlestick Chart (AUDSGD as at Jul 03, 2020):
Friday's trading range has been 47 pips (0.49%), that's far below the last trading month's daily average range of 96 pips. Weekly volatility is also lower, being slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently lower than usual for AUDSGD.
Two candlestick patterns are matching today's price action, the Bullish Short Candle and the White Candle which are both known as bullish patterns.
After having been unable to move above 0.9685 in the previous session, the pair ran into sellers again around the same price level today, missing to move higher than 0.9693. The last time this happened on Monday, AUDSGD actually gained 0.52% on the following trading day.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
With prices trading close to this year's high at 0.9768, upside momentum could accelerate should the market 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 OHLC Patterns based market condition "White Candle" stand out. Though 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 NZDUSD gaining 0.35% and AUDUSD closing 0.2% higher. On the flipside the worst performers have been USDCAD closing -0.1% lower and USDCHF losing -0.01%. Looking at the other Minor FX Pairs and Crosses, the winners of the day have been EURHUF surging 0.57% and USDHUF closing 0.44% higher. The worst performers of the day have been USDNOK tanking -0.6% and EURNOK closing -0.51% lower. Read more