AUD/SGD 4H Chart: Channel Up

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
Although the pattern is still of relatively low quality, AUD/SGD appears to be trading within the ascending channel. This implies a potential sell-off down to the 1.0250/00 area before the currency pair starts a new bullish wave, as the Aussie has recently confirmed the upper boundary of the pattern. However, if the support zone proves to be insufficient to trigger a rally, the decline will likely extend down to 1.0116, where the weekly S2 coincides with the 200-period SMA. Additional solid demand level is at 0.9990/80, created by the monthly pivot point and March 1 low. An argument against the Australian Dollar appreciating is the distribution between the bulls and bears, being that the former already take up 72% of the market.
© Dukascopy Bank SA
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