While the US Dollar has been under pressure against ASEAN currencies, it seems to be holding up well all things considered. Where to for USD/SGD, USD/THB, USD/PHP and USD/IDR? Get your market update from ddubrovskyFX here:
The US Dollar steadied against the Singapore Dollar following losses since July. USD/SGD was unable to clear the 78.6% Fibonacci retracement level at 1.3753. That reinforced the price as key support. Meanwhile, the pair was unable to hold a close under the 100-day Simple Moving Average . Still, the near-term downtrend remains in play. A breakout under these key support levels would expose the May low at 1.3660.
The US Dollar extended losses against the Thai Baht. However, USD/THB left behind a couple of signals that the near-term downtrend is losing steam. The first is a Hammer candlestick pattern. This is a sign of indecision as prices tested the 50-day SMA. The latter also held, reinforcing the dominant uptrend. A confirmatory close under the line would undermine the Hammer and open the door to extending losses. That would place the focus on the 61.8% Fibonacci retracement level at 35.154.
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