AUD/SGD 4H Chart: Channel Down

Source: Dukascopy Bank SA
© Dukascopy Bank SA
In the night between May 13 and May 14, AUD/SGD reached its monthly high, where the starting point of the current bearish channel takes place. Since then, the cross has already lost around five figures. However, the Australian Dollar is currently trading sideways against its Singaporean counterpart. This fact, however, makes it inevitable for the pair to reach the upper edge of the pattern eventually. In case it happens, the weekly PP will be projected to send the Aussie back below 1.03. Along with sideways movement, technical indicators on all time frames are also expecting the cross to develop in a horizontal trend. Meanwhile, 59% of SWFX traders are bullish on the pair at the moment.
© Dukascopy Bank SA
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