AUD/SGD 4H Chart: Channel Up

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
The Aussie is trading against the Singapore Dollar in a short term channel up pattern, as the currency exchange rate simultaneously is in another channel up pattern on a larger scale. The short term channel is the currency pairs rebound against the larger scale pattern's support line and the sub sequential surge of the rate. Just recently the pair reached the smaller channel's lower trend line at 1.0300, which is also supported by the 55 and 100-period SMAs at the same level. In the meantime, the pair is oversold, as 72% of open SWFX positions are short, and pending commands are 71% to buy the Aussie. Moreover, average technical indicators forecast a surge on all relative timeframes. Due to that, the appreciation of the Australian Dollar against the Singapore Dollar is almost assured.
© Dukascopy Bank SA
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