AUD/SGD 1H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
AUD/SGD is in a good spot for a rally. The currency pair has formed a bullish channel, and right now it is testing the lower boundary of the pattern, which is reinforced by the weekly pivot point and 200-hour SMA. Accordingly, we do not expect the daily pivots to be able to contain the rally—the price should rise up to 1.0125/40 (up-trend, weekly R1 and October 26 high) before we see a bearish correction. However, advancement could be limited by a lack of demand, as bulls already take up 69% of the market. At the same time, a dip beneath 1.0020, implied by the daily technical indicators, should result in a 100-pip decline to the October low at 0.9920.
© Dukascopy Bank SA
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Thu, 05 Nov 2015 08:00:07 GMT

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