AUDSGD finds buyers again around 0.9682

Australian Dollar/Singapore Dollar (AUDSGD) Technical Analysis Report for Jul 09, 2020 | by Techniquant Editorial Team


AUDSGD closes below its opening price unable to hold early session gains
AUDSGD finds buyers again around 0.9682
AUDSGD still stuck within tight trading range
AUDSGD closes within previous day's range after lackluster session


AUDSGD finished Thursday at 0.9694 losing 17 pips (-0.18%). Trading 27 pips higher after the open, the forex pair was unable to hold its gains as the bears took control ending the day below its opening price. The last time this happened on June 19th, AUDSGD actually gained 0.73% on the following trading day. Closing within the prior day's range, prices missed to decisively move beyond the previous day's trading range in a lackluster session.

Daily Candlestick Chart (AUDSGD as at Jul 09, 2020):

Daily technical analysis candlestick chart for Australian Dollar/Singapore Dollar (AUDSGD) as at Jul 09, 2020

Thursday's trading range has been 58 pips (0.6%), that's below the last trading month's daily average range of 82 pips. Weekly volatility is also lower, being slightly 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 0.9646 and 0.9740 where it has been caught now for the whole last trading week.

One bearish candlestick pattern matches today's price action, the Bearish Hikkake Pattern.

After having been unable to move lower than 0.9674 in the prior session, the currency found buyers again around the same price level today at 0.9682.

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 speed up should AUD/SGD be able to break out to new highs for the year.

Among the three market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "Bearish Intraday Reversal" stand out. Though it is usually interpreted as bearish, it has actually shown to be bullish for AUD/SGD. Out of 446 times, AUDSGD closed higher 55.38% of the time on the next trading day after the market condition occurred.

With five out of the seven Major FX Pairs closing lower today, the ones that stand out on the negative side are EURUSD losing -0.4% and AUDUSD closing -0.24% lower. On the flipside the best performers have been USDCAD closing 0.53% higher and USDCHF gaining 0.17%. Looking at the other Minor FX Pairs and Crosses, the winners of the day have been USDNOK surging 0.98% and ZARJPY closing 0.63% higher. The worst performers of the day have been EURZAR tanking -0.98% and CHFZAR closing -0.77% lower. Read more

Market Conditions for AUDSGD as at Jul 09, 2020

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