AUD/SGD 1H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
Considering the trend-lines AUD/SGD has been following recently and the fact that the currency pair breached the long-term moving average at the end of September implies a bullish outlook on the Aussie. The price is currently fluctuating near the lower edge of the pattern, which adds to the positive bias. Our base scenario is a rally from 1.0210 through the latest high at 1.0310, which in turn is reinforced by the weekly R1. At the same time, a dip beneath 1.0210 will not mean a prolonged sell-off. The bulls will have good chances to regain control of the market at 1.0170 and at 1.0110. Concerning the sentiment, right now three out of four market participants are long the Australian Dollar.
© Dukascopy Bank SA
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