AUD/SGD 1H Chart: Channel Up

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
The Australian Dollar is set to advance against its Singapore counterpart. AUD/SGD is currently trading near a solid demand area, which consists of the weekly R1, the lower bound of the emerging channel and the latest lows. Accordingly, we believe that during the next few days the rate will rise from 1.0340 to 1.0420. This bullish scenario is supported by the technical indicators, which are pointing north in all three timeframes. The only counter-argument is the long-short ratio. At the moment, the Australian Dollar is overbought (72% of positions are long), which makes the currency vulnerable to a sell-off. In this case the bulls will have a chance to recuperate near a strong support level at 1.0250.
© Dukascopy Bank SA
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Thu, 11 Aug 2016 12:56:03 GMT

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