AUD/SGD 1D Chart: Channel Down

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
During the last 18 months AUD/SGD has been trading in a bearish channel, meaning the recent recovery is unlikely to extend much higher. While in the near term the Aussie could climb over the immediate resistance at 1.0133, represented by the monthly PP, the falling trend-line at 1.02 is expected to remain intact. Additional strong supply area is at 1.04, where the 200-day SMA merges with the August high, which further decreases the chance of the Aussie to outperform the Greenback. The closest significant support is at 0.9857/32, but the price should fall down to the 2009 low at 0.9467 as a result of the sell-off from 1.02. Nevertheless, the SWFX traders are positioning for a rally—71% of them are bulls.
© Dukascopy Bank SA
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