AUD/SGD 1H Chart: Channel Down

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
AUD/SGD has been trading in a channel down for 240 hours and it is currently at the upper edge of the pattern, if we look at the long-term perspective. This means that the set-up is bearish, especially considering the daily technical indicators, which are largely giving ‘sell' signals. In the short run, however, the currency pair is held by the falling trend-line at 1.1666 from above and the 200-hour SMA at 1.1602 from below that keep the price flat. In the meantime, SWFX traders' sentiment is strongly bullish, being that 73% of open positions are long. 

© Dukascopy Bank SA
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