AUD/SGD 4H Chart: Channel Down

Source: Dukascopy Bank SA
© Dukascopy Bank SA
Although we do not have many confirmations of the trend-lines, there is a good chance AUD/SGD will keep trending downwards. The upper boundary of the channel is currently reinforced by the long-term moving average, and this strengthens our negative bias. The Aussie is expected to aim for the lower trend-line at 0.99 while being capped by a dense supply area between 1.0200 and 1.0270. If this does not prove to be the case, the target will shift to 1.04, where the monthly pivot point merges with the Jul 1 high. Meanwhile, a significant majority of the SWFX market participants is bullish the Australian Dollar. At the moment 72% of open positions are long.
© Dukascopy Bank SA
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