Dukascopy Bank Team
Dukascopy Bank SA
EUR/SGD 4H Chart: Channel Up
Comment: EUR/SGD is currently undergoing a downward correction within a bullish channel. However, the pair might not reach the lower boundary of the pattern before it rebounds. The Euro is now facing a tough support level at 1.59, created by the 200-period SMA and the rising trend-line that stretches back to the mid-July. Accordingly, there is a high chance of a rally in the nearest future. The gains are to be limited by 1.6150, where the upper trend-line of the channel merges with the September high and monthly R1. Additional support is at 1.58, followed by an important during August and September level at 1.57. As for the SWFX traders, most of them are long the Euro, namely 71% of the market.
AUD/CAD 1H Chart: Channel Up
Comment: Although right now the Aussie is following a bullish trend, the rally’s prospects are not bright. The reason is the falling resistance trend-line that connects August and September highs. Consequently, the base scenario is a failure at 0.9440 and a subsequent sell-off beyond the lower boundary of the bullish channel. In case AUD/CAD closes above 0.9440 against all odds, the new target will be last month’s peak at 0.9522. At the same time, a breach of the trend-line at 0.9340 will imply an extension of a decline back to the Sep 24 low at 0.9270. Meanwhile, the SWFX traders’ sentiment is neutral, as the difference between the share of bulls (55%) and bears (45%) does exceed 10 percentage points.
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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