AUD/SGD: Visible Predominant Uptrend
AutoChartist | Oct 23, 2012 06:45AM ET
Autochartist has recently identified the horizontal Key Resistance Level 1.2642 (of the type Approach) on the hourly AUD/SGD charts. The Significance of this Resistance is rated at the 3 bar level – which corresponds to the 3 recent price reversals from this Key Level. The pair has previously reversed sharply up (from point A shown on the following Key Levels chart) from the strong combined support area made out of the round price level 1.2500 and the 50% Fibonacci Retracement of the preceding weekly upward price impulse from May of 2010 (as is shown on the second chart below). This support area has reversed the pair up a few times in the last year. The pair is expected to rise further toward this Key Resistance Level 1.2642 – in accordance with the predominant uptrend visible on the daily and the weekly AUD/SGD charts.
The weekly AUD/SGD chart below shows the technical price levels mentioned above:
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