AUD/SGD 1H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The upward momentum of AUD/SGD is weakening, since the current pace of Aussie's appreciation is slower than the tempo seen at the very beginning of May. However, the currency pair formed a bullish channel, meaning it is likely to continue the trend. In order to confirm the pattern the rate needs to rebound from the lower rising trend-line at 1.1710 and then head towards 1.1773. But if the selling pressure prevails, we will be looking at a cluster of supports at 1.1684, consisting of the daily S2, May 13 low and 200-hour SMA, as the most likely target. Still, we should note that the sentiment of the market is strongly bullish—62% of open positions are long.
© Dukascopy Bank SA
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