AUD/SGD 1D Chart: Channel Down

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
The Australian Dollar is a sell at the moment. First, AUD/SGD has formed a well-defined bearish channel during the last 10 months. Second, the currency pair is trading next to the long-term trend-line at 1.07, reinforced by the weekly R1 and some of the recent highs. However, 73% of open positions are short, meaning the Aussie may be already oversold.
Meanwhile, the technical indicators are mixed, with a slight bearish bias on the weekly chart. The nearest support level is at 1.0566, created by the weekly S1 and monthly PP, while a more significant demand area is at 1.0450, followed by the monthly S2 at 1.02.
© Dukascopy Bank SA
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