AUD/SGD 4H Chart: Channel Up

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
The Aussie is surging against the Singapore Dollar simultaneously in two channel up patterns. The relation between the two channels is that the smaller channel is the larger scale pattern's rebound against its lower trend line in the middle of September. At the moment, the currency exchange rate has already passed the only notable resistance level at 1.0352, which could hinder its surge to the upper patterns trend line at 1.0414. However, pending commands are 61% to sell the Aussie in favor of the Singapore Dollar. Moreover, the currency exchange rate is already overbought, as 71% of open positions are long.
© Dukascopy Bank SA
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