AUD/SGD 1H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
AUD/SGD has just met a crucial support, which guards the pattern's lower boundary and is now represented by the weekly pivot point and daily S1 at 1.0199/88. There are bearish signals coming from both the technical indicators and distribution between bullish and bearish open positions in the SWFX market. 1H and 4H studies are pointing to the south. On top of that, three out of four SWFX traders are long on the Aussie, meaning there is a very limited space for the new bullish trades to be created. A decline below the daily S1 will refocus our attention towards the weekly S1 at 1.0135, which protects the Nov 30 low at 1.0144. Meantime, any rally should be contained by the 100/55-hour SMAs at 1.0271/82.
© Dukascopy Bank SA
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