AUD/SGD 4H Chart: Ascending Channel

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The Aussie recently broke out of an ascending channel pattern against the Singapore Dollar, and the currency exchange rate continues to move in the borders of the new channel up pattern. However, both of the patterns were active simultaneously since the middle of September. It is rather a situation, where a pattern, which forms in the borders of a larger scale trend, breaks out of the dominant pattern. In addition, the rate is heavily influenced by the Fibonacci retracement levels, which connect the 2014 high and 2016 low levels. The 50.00% retracement at 1.0757 recently provided enough resistance for the rate to even for a brief moment break out of the channel. However, the rate returned to trade in the pattern after encountering the 200-period SMA at 1.0544.
© Dukascopy Bank SA
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