AUDSGD - Upside Momentum Picking Up
The Singapore dollar appears to be weaker against several pairs. I believe the "cleanest" setup is on the AUDSGD pair, but this signal also exist on the EURSGD pair as well.
- Price makes a new lower low.
- Price fails to push to new lows, confirming that the previous low point holds up.
- The third test and failure of forming a new lower low is a good indication that selling pressure has weakened.
- Momentum to the upside picked up last Friday going into the weekend. In addition, I'm beginning to see a moving average formation, which is a further indication that momentum to the upside is picking up.
