AUD/SGD 1H Chart: Channel Down

Source: Dukascopy Bank SA
© Dukascopy Bank SA
As the Australian Dollar has met the support line represented by the weekly S1 at 1.0127, the base scenario is now implying a recovery within the pattern's boundaries. The rally will be expected to stop near 1.03, where the pair will meet not only the pattern's resistance, but also the 200-hour SMA and weekly pivot point. By reaching them, the forecast will switch back to the downside. Technical signals are support a short-term growth of the cross, but later the conditions are becoming more challenging for the Australian Dollar. Meanwhile, 71% of all SWFX open positions are long. It means that AUD/SGD remains quite overbought and a recovery may not turn to be a long-lasting one.
© Dukascopy Bank SA
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