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.
Mid, near-term trend of AUDSGD expressed in equidistant channels
- 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.
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Soh Tiong Hum is Director of TerraSeeds Market Technician Pte Ltd. TerraSeeds is a trading educator in Singapore since 2005.
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"I do not have a financial advisor's license. I am not qualified by any regulator to give financial advice. I do not know you the reader. Your investment means and motive may be different from me. My posts here are based on observations and meant for education. I am not responsible for for any consequence from your actions."