AUD/SGD 4H Chart: Channel Up

Despite the upward-sloping channel consisting of only 50 candles and its width being fairly narrow, the trend-line forming it seems to be respected by the market. Accordingly, it is expected that AUD/SGD will rebound from the trend line at 1.1735, reinforced by the weekly PP, and target the weekly R1 and Jun 12 high at 1.1795. If there is still bullish momentum left afterwards, the Aussie could then try to reach the rising trend-line at 1.1825. This positive outlook is also supported by the technical indicators, especially on the daily and weekly time-frames. Moreover, the SWFX market is also optimistic regarding the pair—as many as 75% of traders are presently holding long positions.