#13 – AUDSGD ( Will Australia dollar beats Singapore’s?)

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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.

Screen Shot 2017-07-22 at 9.05.42 am.jpg

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.

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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.

Conclusion?

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.

 

 

 

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3 thoughts on “#13 – AUDSGD ( Will Australia dollar beats Singapore’s?)

  1. hi
    i wonder if there is any material difference in SGDAUD and AUDSGD, one being long and the other short. Would traders trade both or just take one ? SGDAUD monthly chart shows me a start of the C wave and weekly topping out at 1.01 area from Aug 2015 to May 2016 (triple top pattern). Daily shows a nice pullback, awaiting break of 0.916 zone to confirm trend continuation bearish pattern. Love to hear your views.
    P/s : CADCHF – thanks for highlighting this pair, some decent profits 🙂

    Like

    • Hey faith69,
      Thanks for the comment, I honestly didn’t think anyone would read my analysis! Truly appreciate your question and input!

      Anyway, there isn’t much material difference between those two pairs. You can do an experiment, by just flipping the chart (AUDSGD) 180 degrees, you would end up the with the opposite chart (SGDAUD).

      Additionally, I’d believe that majority of traders wouldn’t trade both because it really makes no sense.

      I wouldn’t really hedge on this pair for now but wait for a more substantial price action move before entering…. but then again, if your trading strategy is signalling an entry, then you should be in it!

      Cheers !

      Like

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