AUD/SGD 4H Chart: Channel Down

Source: Dukascopy Bank SA
© Dukascopy Bank SA
AUD/SGD bounced off of resistance at 1.0350 earlier this month, and since then the currency pair has been in a down-trend. As long as the descending resistance line at 1.0185 is intact, the outlook will be bearish. We expect the price to fall down to the 1.0050/30 area, where the lower edge of the pattern is reinforced by the weekly and monthly S1 levels.

However, there are arguments against the immediate sell-off. First, the four-hour technical indicators are mostly pointing north. Additionally, the SWFX market is overcrowded with bears—71% of positions are short. Above 1.0185 the Aussie will have a good opportunity to retest current December's maximum.
© Dukascopy Bank SA
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