AUD/SGD 1D Chart: Channel Down

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
Most of 2014 AUD/SGD has been trading between 1.1840 (Jul 1 high) and 1.11 (Jan 27 low). Nevertheless, in December the currency pair confirmed a breach of the support, heralding a change in the long-term outlook to negative.
However, at the moment the Aussie is undergoing a bullish correction. The current rally should end near the mentioned 1.11, which is now reinforced by the monthly R1 and the falling resistance line that connects the Sep 5 and Nov 17 peaks. From here AUD/SGD is expected to be sold off through the 2014 low to the lower boundary of the emerging pattern, namely to 1.04.
© Dukascopy Bank SA
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