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Short-term Trading Idea FX AUD/SGD – Bear Speculation: Expected Downwards Exit from Triangle

Trading opportunities for currency pair: the price has hidden in the corner of the triangle. The triangle has a figure of an extension of the trend. From it I expect an exit downwards with a subsequent fall to 1.0053. Not worth buying if there’s a growth above 1.0475. The unlucky break in the support through the 1.0242-1.0292 support zone is causing the market to close short positions and a recoil to 1.0680.

Together with the AUD/USD I decided to do an idea on the AUD/SGG. They complement each other. Since 1st June, the AUD/USD has seen a horizontal channel forming on it and the AUD/SDG has a symmetrical triangle. As you know, a triangle is an extension of the trend. Due to this I’m proposing a break in the 1.0242-1.0292 with a subsequent fall to the lower limit of the bearish trend, 1.0053.

If the sellers aren’t able to pass the support zone, it’s possible that there’ll be a rebound to 1.0680 as with the AUD/SGD. Take a look at the drop of the Aussie from a maximum of 1.1755. The downward impulse has been running for 23 days and the continuous corrections – from 23 to 35 days.

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Forecasts which are made in the review constitute the personal view of the author. Commentaries made do not constitute trade recommendations or guidance for working on financial markets. Alpari bears no responsibility whatsoever for any possible losses (or other forms of damage), whether direct or indirect, which may occur in case of using material published in the review.

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