AUD/SGD 4H Chart: Channel Down

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
The beginning of the channel down pattern formed by AUD/SGD (and by some of the other AUD's crosses) dates back to Oct 23, when the currency pair topped out at 1.2055. Since then the price has covered the distance of more than nine figures. Just recently the pair has completed a bullish correction within the major down-trend and it is therefore well-positioned to decline further south, towards the lower boundary of the corridor at 1.0983. On its way there the Aussie will have to breach several support lines, but they are unlikely to pose a substantial threat to the bearish momentum. However, 73% of SWFX market participants are currently holding long positions and are expecting a reversal.

© Dukascopy Bank SA
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