AUD/SGD 4H Chart: Channel Down

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
After topping out at 1.2050 at the end of October, the Australian Dollar has been generally underperforming the Singapore Dollar, thereby forming a bearish channel on the four-hour chart. More recently, AUD/SGD encountered the down-trend resistance line, which forced the currency pair to commence developing yet another bearish leg. The remaining supports until 1.0867, from where we are likely to see a notable upward correction, are the weekly pivots at 1.1079 and 1.0968.
However, the market is largely bullish with respect to the exchange rate—at the moment of writing 59% of positions are long and 41% are short.

© Dukascopy Bank SA
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