AUD/SGD 1H Chart: Channel Up

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
As AUD/SGD found strong support in the face of 1.1561 on May 2, it was able to commence a robust recovery and eventually form a bullish channel. And while the short run is associated with downside risks due to a current downward correction from the upper trend-line, in the longer-term perspective the Australian Dollar is likely to continue to appreciate against its Singapore counterpart. The rising support line, together with the weekly R1 at 1.1682, should be enough to prevent further extension of the sell-off and instead is expected to invoke a rally. In the meantime, a substantial majority of the SWFX market participants are long the Aussie, namely 74% of them.
© Dukascopy Bank SA
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