The AUD/SGD currency pair has been trading upwards within an ascending channel since the middle of July.
From a theoretical point of view, it is likely that the exchange rate could continue to trade within the given channel in the medium term. In this case the rate could face the resistance level—the monthly R1 at 1.1050.
In the meantime, it is unlikely that bears could prevail in the market, and the currency pair could decline below the Fibo 50.00% at 0.9618.
