Even though the US Dollar weakened against most ASEAN currencies this past week, broader uptrends still remain in USD/SGD, USD/THB, USD/PHP and USD/IDR. Where to from here? Get your market update from ddubrovskyFX here:
The US Dollar weakened against the Singapore Dollar this past week. Still, USD/SGD’s uptrend since February still remains intact. Prices left behind a neutralabove the 38.2% Fibonacci retracement. This is a sign of indecision. An upside close could hint at resuming the climb towards the May high at 1.3986. Otherwise, confirming a breakout lower places the focus on the 50-day Simple Moving Average .The US Dollar also underperformed against the Thai Baht this past week.
This is maintaining the bullish outlook, though a breakout under the line could shift the view increasingly bearish. That would place the focus on the 50-day SMA below. Otherwise, uptrend resumption entails a push above the April 2017 high at 34.816. That would expose the 123.6% Fibonacci extension at 35.313.The US Dollar remained in a consolidative state against the Philippine Peso. Broadly speaking, USD/PHP continues to trend upwards within a Rising Wedge chart formation for almost a year.
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