AUD/SGD 1H Chart: Channel Down

Over the past 260 hours the Australian Dollar has been generally depreciating. Its price has fallen from 1.2088 down to 1.1517 and, according to the pattern its has formed, even more losses may follow. However, before AUD/SGD reaches new lows, it is expected to undergo a bullish correction either up to 1.1705 (200-period SMA) or 1.1760 (down-trend resistance), since it has just hit the lower boundary of the channel down at 1.1505. In the meantime, 72% of SWFX traders are long on the currency pair, despite the indicators showing mixed signals on the relevant time-frames.