AUD/SGD 4H Chart: Channel Up

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
AUD/SGD is currently forming a bullish channel, and the pattern suggests a rebound from 0.9985. However, we do not expect the lower bound of the channel to hold on for long, considering that the present recovery from 0.9870 is of correctional nature—the Aussie is in a retracement after the Apr 26—May 26 decline at the moment. At the same time, the indicators on the whole are bearish. The main argument against a prolonged sell-off is a major support area at 0.9850, which has managed to stop all the attempts of the price to fall lower since last year's September. Nevertheless, from the perspective of traders' positioning, a sustainable increase in price is unlikely, being that 71% of positions are already long.
© Dukascopy Bank SA
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