AUD/SGD 4H Chart: Channel Down

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
A 87-bar long Channel Down pattern was formed by AUD/SGD on the 4H chart in the middle of June. Even though at the moment of writing the pair was approaching the upper trend line, the majority of technical indicators are sending "sell" signals, suggesting bulls will not be able to break this level from the first attempt. Moreover, on Friday the price dropped from a level only 10 pips lower the resistance line, suggesting strong resistance level around 1.17. At the same time, market sentiment is strongly bullish (70%), raising concerns about the continuation of the downtrend.

 

© Dukascopy Bank SA
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