AUD/SGD 4H Chart: Channel Down

Source: Dukascopy Bank SA
© Dukascopy Bank SA
AUD/SGD is set for a decline both in the short and long terms. The currency pair has just met the upper bound of the descending channel and is thus expected to head towards the lower bound next, namely the 0.9650/00 area. The rallies are to be limited by 1.0100/1.0050 (down-trend, monthly PP, and Feb 17 high), but if the bulls keep pushing the price higher, 1.04 will become the new objective. There we have the highest levels since August and December of 2015. A good ‘sell' opportunity is also implied by the positioning of market participants, as the Aussie is currently overbought to a significant extend—as many as 74% of open positions are long.
© Dukascopy Bank SA
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