What's happening in Australia?

I have just bought the data package for future yesterday and it was a blast. Compare to the Singapore stock market, it is definitely more vibrant.

Since 2 to 3 weeks ago, I have started tracking currency through Yahoo.com's charts. Not well equipped but at least with the basic. It was then that I have in mind that we should visit Australia this year (my family and I), reason is that AUD has dropped a lot against SGD.

So now with the chart I can even reveal more of AUD SGD.

Fig 1 AUD SGD Weekly Chart

 

At first sight is a 15-year length chart which shows 2 double tops, one completed its minimum objective and a second on its way. In between was a quick recovery. In fact it is revisiting SGD0.90.

 

Base on this chart, if I am to go to Australia, I woul choose the time when it is at this range.

 

However, the sharp drop and recovery caught my interest and a loaded a much longer time frame.





Fig 2 AUD SGD Weekly (zoomed out)

At this point, AUD certainly looks much uglier. with the sharp action during 2008-2009, it gives me a feeling that the chart is making some sort of a top formation (double top) and will continue its down trend. If the measurement is correct, it is going to SGD0.46. So may be it is by then that I should be visiting AUD? 

Whether this will happen, SGD0.90 is a very important level as it is a make or break situation for AUD. I think the indicators are helping to some extend, there are divergence against the drop and I think there will be a short term rise, but in longer term, it will continue the plunge. That is my opinion of course.

But the question in my mind is: What is happening in Australia? Is there an economic problem?