AUD/SGD 1H Chart: Channel Down

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
Likelihood of more gains in the near-term is quite high, as the AUD/SGD currency pair has recently bounced off the lower edge of the pattern. However, considering the nature of the channel down, we remain bearish in the long run, unless this cross manages to breach the red boundary currently placed at 1.0256. The latter-mentioned case is not the base scenario for the future, as there are several resistances that may easily stop the rally. Among them, the 200-hour SMA is boosting the upper edge of the channel, while the 100-hour SMA and weekly S2 (1.0231) act as core intermediate supply levels. Moreover, the SWFX market is overcrowded with the bulls who take up the massive 75% share of it.
© Dukascopy Bank SA
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