AUD/SGD 4H Chart: Channel Up

AUD/SGD pair has just completed another leg down inside the upward channel. It proclaims that the long-term outlook remains bullish, unless the 1.0260 support (placed slightly below the green trend-line) is breached. We are not looking for this scenario to materialize any time soon. Support zone is made of the monthly R1, 100-period SMA and weekly S1. The key watch is on the monthly R2 (1.0476), which is the closest major resistance. Success here should expose the pattern's upper bound at 1.0530. Daily technical indicators are also backing the bulls, while the weekly studies are mixed. As for the SWFX sentiment, AUD/SGD looks overbought. This is because so many (74%) open positions are long.