AUD/SGD 4H Chart: Channel Down

Source: Dukascopy Bank SA
© Dukascopy Bank SA
Since the resistance at 1.18 proved to be impenetrable earlier this year, AUD/SGD has been in a distinct bearish trend. First it established a ceiling at 1.14, now there is a dense supply area around 1.09. The risks are skewed to the downside also according to the four-hour and weekly technical indicators.
The nearest significant support is at 1.0620 (Dec low and monthly S1), followed by the 2009 Apr low at 1.05, but a pronounced bullish correction has a low chance of emerging before AUD/SGD touches the lower boundary of the channel. This is likely to occur in the region of 1.03, namely the 2009 May low.
© Dukascopy Bank SA
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