Since the beginning of October, the AUD/SGD currency pair has been trading upwards within a rising wedge pattern.
From a theoretical point of view, it is likely that the exchange rate could continue to trade upwards within the given pattern within the following trading sessions. Then, a breakout south could occur, and the rate could target the 0.9550 level.
In the meantime, note that the currency pair could gain support from the 100– and 200-period moving averages in the 0.9725 range. Thus, some upside potential could prevail in the market, and the pair could target the 1.0050 mark.
Written by Admin
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