AUD/SGD 1H Chart: Channel Up

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
AUD/SGD continued to attack levels unclaimed for two years already and currently shows no signs of weakness in a flattish channel up pattern. There is little to stick onto besides the pattern due to the unexplored nature of the area, meaning that the pair is most likely to now go on to a down-wave after giving in to the upper trend-line of the pattern, strengthened by a monthly R1 at 1.0873/80. The only signal that suggests otherwise stems from a Pitchfork which has long been exited and could lead to a much steeper motion. We, however, lean in favour of a down-wave with an ultimate target at around 1.0809, the bottom boundary of the pattern.
© Dukascopy Bank SA
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Fri, 10 Feb 2017 12:06:08 GMT

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