AUD/SGD 1H Chart: Channel Up

A recovery that was commenced at a low of 1.1257 was not stopped by the 200-hour SMA. Once the long-term simple moving average was violated, AUD/SGD started fluctuating in a more orderly way, respecting two rising parallel lines that have eventually become the boundaries of the channel up. The corridor is a little less than 90 pips in width, but the currency pair has been consistently respecting the trend-lines for the past 50 hours. While the technical indicators are far from being unanimous, AUD/SGD is bearish in the short run, considering that it has hit the resistance at 1.1620. The dip therefore should be halted by the support at 1.1535.