AUD/SGD 1H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
For the past several days AUD/SGD has been in a strong upward trend, after it had rebounded from 0.9720. The upside, however, is limited. Although the hourly and four-hour indicators suggest that the price will rise above the daily and weekly R1 levels at 1.0060, the chances are that the Aussie will bounce off of the seven-week down-trend already at 1.0100. The target will then be the lower boundary of the bearish channel emerging in the four-hour chart, namely the 0.9700/0.9650 zone. In case of an upside breakout, AUD/SGD will probably first aim for the weekly R2 and Feb 3 high at 1.0175, and the next objective should be the weekly R3 and Dec and Jan highs at 1.0370/50.
© Dukascopy Bank SA
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