The US Dollar traded mostly flat against ASEAN currencies this past week. What is the technical road ahead for USD/SGD, USD/THB, USD/PHP and USD/IDR? Get your market update from ddubrovskyFX here:
The US Dollar traded flat against the Singapore Dollar last week, but price action was relatively volatile. USD/SGD left behind a bullish Morning Star candlestick pattern. Prices then confirmed the formation, opening the door to extending higher. That is placing the focus on the September high. In the event of a turn lower, the rising trendline from August could reinstate the broader upside focus.The US Dollar was slightly weaker against the Indonesian Rupiah last week.
The US Dollar was mostly flat against the Philippine Peso this past week. Key support, which is the 61.8% Fibonacci extension at 58.41, held. Meanwhile, resistance, which is the 78.6% extension at 59.31, was held. A confirmatory breakout above the latter opens the door to uptrend resumption. Otherwise, a turn lower has USD/PHP facing the 20- and 50-day Simple Moving Averages .
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