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Note: Low and High figures are for the trading day.
Note: Low and High figures are for the trading day.
Note: Low and High figures are for the trading day.
Note: Low and High figures are for the trading day.
Note: Low and High figures are for the trading day.
Note: Low and High figures are for the trading day.
The Singapore Dollar has been on an absolute tear against the US Dollar, with USD/SGD closing at its lowest since the end of April last week. Prices also fell under the 1.3709 – 1.3743 inflection zone and the 50-day Simple Moving Average (SMA), opening the door to extending losses. That is placing the focus on the 100-day SMA and the 1.3511 – 1.3526 support zone below. Closing back above the inflection range could open the door to resuming gains back towards the May high.
Chart Created in TradingView
The Thai Baht has also been making progress against the US Dollar, with USD/THB further confirming the breakout under rising support from February. Immediate support seems to be a combination of the 33.861 – 34.000 inflection zone, as well as the 50-day SMA. Closing under the latter in the week ahead would shift the outlook more bearish, placing the focus on the midpoint of the Fibonacci retracement at 33.447. Otherwise, a turn higher would expose the May 13th high at 34.807.
Chart Created in TradingView
The Indonesian Rupiah is also firming against the US Dollar. After USD/IDR left behind a Bearish Engulfing candlestick pattern earlier this month, prices have seen downside follow-through. That has brought the pair right to the 20-day SMA, which could still hold as support and pivot prices higher. Otherwise, a downside breakout would shift the outlook more bearish, placing the focus on the former 14402 – 14438 resistance zone. Otherwise, a turn higher would bring the May 19th high at 14730 back in sight.
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Chart Created in TradingView
The US Dollar was able to hold steady against the Philippine Peso this past week. Still, the bearish Head and Shoulders chart formation is still in play. A breakout under the neckline at 52.12 would open the door to a reversal. Still, that would place the focus on the floor of the Rising Wedge. The latter has been brewing since a year ago. Closing under the floor would shift the outlook increasingly bearish. Otherwise, a turn higher would place the focus on the ceiling of the wedge.
Chart Created in TradingView
–— Written by Daniel Dubrovsky, Strategist for DailyFX.com
To contact Daniel, use the comments section below or @ddubrovskyFX on Twitter
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.
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