The US Dollar is attempting to redeem itself against ASEAN currencies, but key resistance levels held. What is the road ahead for USD/SGD, USD/THB, USD/IDR and USD/PHP? Get your market update from ddubrovskyFX here:
The US Dollar is attempting another comeback against the Singapore Dollar after spending most of its time since late November weakening. USD/SGD bounced just above the 1.3381 – 1.3419 support zone last week, climbing to test the midpoint of the Fibonacci retracement at 1.3562. The latter held, causing prices to close just under it.
A bearish Death Cross between the 20- and 50-day Simple Moving Averages remains in play, offering a downward technical bias. The 50-day line held, acting out as key resistance. A confirmatory daily close above the latter could open the door to extending gains. Until then, the pair appears to be in a broadly consolidative state.The US Dollar is also on the offensive against the Thai Baht, with USD/THB closing at its highest since January 11last week.
The latter could reinstate a downside focus in the event prices climb in the coming sessions. Otherwise, taking out the trendline exposes the critical 34.000 – 33.861 resistance zone, which has been in play since September. Resuming the downtrend entails a drop through the January 20close at 32.924. That exposes the November low at 32.562 before facing the August bottom at 32.196.
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