AUD/SGD 4H Chart: Channel Down

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
The AUD/SGD currency pair has been developing to the south during last four months, strictly respecting both boundaries of the bearish pattern. As a result, the quality and magnitude are staying above 80% for both at the moment. Therefore, we do not see any signs of breaching the trend-lines, at least in the short and medium-term. Supported by a demand area at 1.0520, the Aussie is likely to develop upwards until 1.0662 in the near term, where the currency is going to meet the monthly pivot point. According to technical indicators and 74% of SWFX traders, this level can be strong enough to push the pair back below 1.04 in the long-term, with a goal at 1.0320 (monthly S1).
© Dukascopy Bank SA
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