AUD/SGD 4H Chart: Channel Down

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
Although in October of 2013 the 200-period SMA proved to be a reliable support and helped a bullish correction, eventually it gave in to the currency pair's general downward trend. Since then AUD/SGD has been fluctuating between two falling lines, thereby forming a bearish channel. Accordingly, the bias towards the Aussie is negative, especially considering that the price has recently bounced off the upper boundary of the figure. The rate is therefore expected to reach the lower down-trend line at 1.0850, while at the same it should stay below the resistance at 1.1285, created by the weekly R1 and the long-term moving average.

© Dukascopy Bank SA
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