AUD/SGD 1D Chart: Channel Up

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
As a result of AUD/SGD forming a double bottom pattern and breaking the neckline earlier this year, there is a bullish channel emerging on the chart. Accordingly, the Australian Dollar is set to appreciate against its Singapore counterpart, but has to respect the rising trend-line at 1.1663. Otherwise the exchange rate will be expected to re-visit May 21 low at 1.1536, which is reinforced b the monthly S1 and 200-day SMA, making this level an unlikely candidate for being breached. However, while the near-term indicators are giving ‘buy' signals, the longer-term prospects seem to be bearish—most of the monthly studies are currently pointing downwards.
© Dukascopy Bank SA
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