AUD/SGD 4H Chart: Channel Up

Quality of the present bullish pattern has been improving over time. AUD/SGD has recently managed to bounce off the lower boundary of the channel at 1.0160 and is now building another up-leg. The nearest supply, however, is placed relatively close to the current spot price. It consists of the monthly R1 and weekly R2 at 1.0313/19, which are guarding the upper trend-line from above. Nonetheless, 4H and daily technical studies are more or less bullish with respect to the cross. Success at 1.0320 will lead to an extra  rally towards the next monthly supply at 1.0435. On the bearish side, the Aussie looks strongly overbought in the SWFX market, as more than 74% of all positions are long on Tuesday.