AUD/SGD 1H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
After bottoming out near 1.1550 in the second half of May AUD/SGD entered a distinct bullish trend. And, judging by the technical indicators, the Australian Dollar is likely to continue appreciating relative to its Singapore counterpart. However, the current rally of AUD/SGD may soon give way for a bearish correction, considering that it is now approaching the upper boundary of the pattern. The pair is expected to turn around in the area between 1.1820 and 1.1840 and thus postpone a long-term recovery until the exchange rate hits the lower up-trend line at 1.1710. Meanwhile, the view held by the SWFX market is largely bullish—71% of open positions are long.
© Dukascopy Bank SA
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