AUD vs USD

I think I have been writing( well, it is actually type) on the same few counters for quite a while and lately I am a little bored with so little movements. Tonight I want to write about something different. I have in my earlier entries talked about the strange phenomenon that whenever USD rise against SGD, AUD will fall. well, I took a look.


Fig 1 AUD vs USD Weekly Chart

The chart has produced an upward wedge which means AUD is going bear against USD. There are 5 points of contact in the wedge making it prudent. Once the chart has broken out of the wedge ( which it did ), its target is USD0.7779 per AUD.

While its recent rebound allowed AUD to go back close to its previous high, it failed to break higher and presently retreating due to the Gann Grid resistance. The support level at this time is USD0.8914 per AUD.

With what's happening I am now more confident that USD is rising against SGD.