AUD/SGD 1H Chart: Channel Down

Source: Dukascopy Bank SA
© Dukascopy Bank SA
Australian Dollar is set to diminish versus SGD, as this pair is trading within the channel down pattern and its upper boundary has just been reached at 1.01. The bullish cap is provided by the weekly pivot point at 1.0127, backed by the 200-hour SMA and daily R1 at 1.0110. They all are unlikely to allow for a growth of the pair, until at least the end of this week. The key short-term support to watch is the daily S3, which guards the parity level. In case this marker is penetrated, then the AUD/SGD pair should start heading in the direction of the weekly S1 just below 0.99, followed by the pattern's lower edge at 0.9847. Overbought SWFX sentiment (71% long) supports a sell-off.
© Dukascopy Bank SA
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