AUD/SGD 4H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
AUD/SGD has once again confirmed topicality of the bullish channel by rebounding from the rising support line at 1.0230. The target is therefore the monthly R1 at 1.0318, but the rally is unlikely to stop there, it is expected to extend to the upper boundary of the pattern, namely to 1.04, where it is reinforced by the August high. However, we should not rule out a decline, being that the Australian Dollar is already overbought (73% of positions are long), and the technical indicators are only slightly bullish. A close beneath 1.0230 will invalidate the positive outlook, and the focus will then shift to 1.0150, where the monthly PP merges with the Nov 29 low and weekly S1 level.
© Dukascopy Bank SA
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