AUD/SGD 4H Chart: Channel Down

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The Australian dollar has been trading downwards against the Singapore dollar since the third week of November. Despite the fact that the trading range is rather narrow, there were no cases when the price went outside boundaries of the bearish channel. Right now the pair is testing upper trend-line of the pattern. It is strengthened by the 55-period SMA; therefore, the case of breaching this line is not supposed to be easy. Short-term technical studies assume the pair is going to trade sideways for some time, while in the medium-term bearish pressure may be strong enough to push the pair down. Market participants support this idea, as 74% of them are holding short positions on this currency pair.
© Dukascopy Bank SA
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