AUD/SGD 1H Chart: Channel Down

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
A failure to sustain a recovery after an encounter with the resistance at 1.10 resulted in emergence of a bearish channel. However, there is a significant risk of bulls taking control of the situation, which is represented by a 28-day up-trend. Accordingly, if the currency pair closes beneath the support at 1.0810, AUD/SGD will confirm its bearish intentions.
Conversely, should there start a rally, there are plenty of supply areas that can initiate a new sell-off, such as the 200-hour SMA and weekly PP at 1.0850 and 1.0880, respectively. As for the sentiment, as many as 60% of open positions are currently short.
© Dukascopy Bank SA
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