The US Dollar continues to see mixed performance against ASEAN currencies. What is the technical road ahead for USD/SGD, USD/IDR, USD/PHP and USD/THB? Get your market update from ddubrovskyFX here:
The US Dollar fought back against the Singapore Dollar this past week, slowing USD/SGD’s descent from the May higher. There was a seemingly false breakout under the 1.3709 – 1.3743 inflection zone and 50-day Simple Moving Average . This is offering a neutral technical outlook, where a confirmatory close above the 23.6% Fibonacci extension at 1.3797 could open the door to a bullish horizon towards the May high at 1.3986. Otherwise, resuming losses exposes the 1.3511 – 1.3526 support zone.
The US Dollar gained ground against the Philippine Peso last week. In fact, USD/PHP closed at its highest since March 2019, taking out the August 2019 peak. Prices are now sitting at the ceiling of a brewing Rising Wedge that has its beginnings a year ago. This resistance can hold, sending the pair back towards the ascending floor of the chart pattern. Otherwise, a breakout higher opens the door to uptrend resumption, exposing the 78.6% Fibonacci extension at 53.3079.
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