Dukascopy Bank Team
Dukascopy Bank SA
EUR/SGD 1H Chart: Channel Up
Comment: EUR/SGD is set for a rally. The currency has recently broken through the seven-week falling resistance line and has managed to form a high-quality a bullish channel, meaning the Euro is to keep outperforming the Singapore Dollar. The exchange rate is expected to bounce off of support at 1.53 and challenge the upper boundary of the pattern before the week’s end. In the longer-term perspective, EUR/SGD is to aim for 1.5430, namely the March 16 low. In the meantime, in case the weekly pivot point, 200-hour SMA and the lower bound of the channel fail to initiate a rally, the decline will likely extend down to 1.5260, where the March 24 low coincides with the weekly S1 and the recently broken down-trend.
EUR/AUD 1H Chart: Channel Down
Comment: At the moment, the outlook is bearish on EUR/AUD, being that the pair is trading within the boundaries of the descending channel. The current upward correction is about to come to an end at 1.4860, where the price is to meet the upper edge of the pattern, and give way for a sell-off. However, beyond the period of the next several days, EUR/AUD is bullish, as the rate is closing in on the 11-month support line. Accordingly, the base scenario is a strong rebound from 1.4720 at the beginning of April. Meanwhile, the SWFX market participants seem undecided with respect to performance of the European currency, being that right now 52% of open positions are long and the remaining 48% are short.
This overview can be used only for informational purposes. Dukascopy SA is not responsible for any losses arising from any investment based on any recommendation, forecast or other information herein contained.
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