Learn about trend, support and resistance, confluence with this chart of AUDSGD done with equidistant channel and trend lines only.
- Mid-term June to October 2015 in light blue equidistant channel shows AUDSGD falling, SingDollar strengthening.
- Near term September to October 2015 in light green, violet equidistant channels and brown in between shows AUDSGD rising in favour of Aussie Dollar strengthening.
- An extended trend line (thick black) going through turnings points provide support resistance.
- At moment, AUDSGD pair is very near confluence of trend lines which should provide stout support.
- Traders looking for long term trend following should be looking for bearish reversal pattern, pullback to sell into high or sell new low of October.
- Trend lines, channels are versatile and can be used for different markets such as this.
- How to draw the best equidistant channel in MT4 video.
Director, TerraSeeds Market Technician Pte Ltd. Trader, investor. @sohtionghum was picked ‘Top 70 Forex Twitter in 2015’. Operates multiple strategies.
“Dear reader, I do not have a financial license to give advice. I do not know you the reader. Your financial objective and risk tolerance may be different from mine. I am not responsible for any consequence of your action.