The AUD/SGD exchange rate has been trading sideways in the 0.9340/0.9420 area since the beginning of August. Currently, the rate is trading at the monthly R3 at 0.9348.
Given that the exchange rate is pressured by the 55-, 100– and 200-hour moving averages, currently located in the 0.9344/0.9368 range, it is likely that bears could prevail in the market. A possible downside target is the lower boundary of the long-term descending channel located in the 0.9200/0.9400 range.
It is unlikely that bulls could prevail in the market, and the Australian Dollar could exceed the 0.9500/0.9550 range against the Singapore Dollar due to the resistance of the upper channel line.
