AUD/SGD 4H Chart: Channel Up

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
The Aussie has been demonstrating strong bullish momentum lately. However, despite AUD/SGD forming a high-quality channel, the risks are skewed to the downside. The technical indicators are either mixed or neutral, but the pair is expected to fail to rise past 1.0210/00, where resistance is implied by the three-year down-trend. Accordingly, while there is still some room for the Aussie to appreciate, the longer-term outlook is bearish. This will be confirmed when the price closes under the green trend-line, which is currently at 1.0102/00 and is reinforced by the monthly pivot point. The target in this case will be a rather wide but dense demand area 1.0050/00.
© Dukascopy Bank SA
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