AUD/SGD 4H Chart: Channel Down

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
After a test of 1.18 the AUD/SGD cross gave up its bullish intentions and plunged towards the 1.10 level. This decline also marked the beginning of a bearish channel.
Since early August, when the down-trend started, to now the pair has lost around 800 pips. However, at the moment the Aussie is hovering around the upper trend-line, after approaching minor low at 1.1034. Most of the technical indicators are neutral, yet the weekly ones are more to the bearish side. And even though the pair is trading around the upper boundary we do not see a break-out as a likely scenario for the time being. The short-term target is the 200-period SMA and weekly PP at 1.1188/70.
© Dukascopy Bank SA
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