AUD/SGD 1H Chart: Rectangle

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
AUD/SGD's sideways trading since October 14 resulted in the rectangle pattern, which emerged in one-hour chart for this currency pair. It touched the most recent high at 1.0139 yesterday and now there is time for a correction. The closest demand is represented by the weekly pivot point and 100/200-hour simple moving averages. They are able to delay the downward trend of the Aussie. On top of that, 72% of SWFX traders have bullish opinion with respect to AUD/SGD. Daily technicals, however, suggest a slump will eventually take place. Bears are aiming at the Oct 22 low (1.0013), but at first they will have to demonstrate the ability to violate the weekly S1 at 1.0024.

© Dukascopy Bank SA
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