AUD vs SGD is coming down...er...going up

So is the title a little confusing? If you look at the chart, it is not.



AUD has completed a double top formation and it has broken through the neckline at 122.674. Not only that it is more than 70% of its objective downward. The full objective (minimum) is 115.323.

Both indicators on weekly basis are at the bottom, turning up. Although in general, it still has to go down a little more, it is going up, first, back to the neckline, standard procedure.

The support is seen at the 38.2% Fibonacci retracement @ 115.070. Seems like it is not too far off at the mement.

On a side note, I always find it strange that Australia has a strong economy. I find that the things there are damn expensive, the pay are high and they are very particular about margins (difference between cost and price) it must be above 12%. Singapore will take anything with a 3% margin.