AUD/SGD 4H Chart: Channel Down

Source: Dukascopy Bank SA
© Dukascopy Bank SA
Since April 14 the AUD/SGD currency pair has been fluctuating between two parallel trend lines. After a recent re-test of the support line at 1.1531, it is now bull's turn to push the price towards the upper trend line. While short– and medium-term aggregate technical indicators are neutral, we still can expect a move higher, at least to the weekly R1 at 1.1690, as the price was already trading above the 200-period SMA. Furthermore, 72% of Dukascopy traders believe in bullish scenario and are opening long positions. While a move towards pattern's resistance will usually be interpreted as a ‘sell' signal, long-term bullish signal from technicals is pointing at the penetration.
© Dukascopy Bank SA
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