AUD/SGD 1H Chart: Channel Down

Source: Dukascopy Bank SA
© Dukascopy Bank SA
Because of strong supply at 1.08, for the past five days the Aussie has been underperforming relative to its Singapore counterpart. To keep the bearish trend intact, however, AUD/SGD needs to overcome a challenge represented by the Feb low at 1.0327. In case of success the next support will be at 1.03 (weekly S3), but the sell-off may well extend down to 1.0161, namely to the lower trend-line of the channel before there is a correction. In an unlikely case of a rally above resistance at 1.0370, the bears may attempt to regain control of the market at 1.0442 (weekly S2), but 1.05 is seen as a stronger level. As for the sentiment, it is distinctly bullish: 72% of open positions are long.
© Dukascopy Bank SA
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