#13 – AUDSGD ( Will Australia dollar beats Singapore’s?)
On the Monthly Chart of AUDSGD, market seems to indicate that the Australian dollar is picking up strength against the Singapore dollar. It has failed to break key level ($0.99) and has since then built a bullish momentum.
Weekly Chart, has clearly shown how buyers in control for the past few weeks. It fought back 1 month worth of sellers desperate pull down. Last week, market broke mini key level, while closed with a “uncertain” doji.
Daily Chart, puts current market analysis in a spot where market candlestick is showing signs of reversal to the bear side. Market will have to retest daily before a better probable trend trade can be made.
Australian dollar looks pretty strong technically as compared to the dollar on recent trend line analysis (bigger timeframe). Singapore requires a bigger growth/event to signify greater market as compared to Australia.
My trading conclusion?
I’ll be waiting for Daily market price action before making an entry into this pair. If market would to break daily key level, it would also justify that weekly is in a bearish trend that requires a decent retracement before gaining momentum.