The US Dollar extended its offense against ASEAN currencies last week, placing the Thai Baht, Indonesian Rupiah and Philippine Peso at risk. The Singapore Dollar is putting up a fight. Get your market update from ddubrovskyFX here:
The US Dollar appreciated against the Philippine Peso last week, extending gains since early April. Immediate resistance appears to be the 100% Fibonacci extension at 53.89. Beyond the latter is the 2018 high at 54.43. Should prices turn lower, immediate support appears to be the 78.6% Fibonacci extension at 53.307. Under that are the 20- and 50-period SMAs. The latter could hold as support, continuing the broader upside bias.
The US Dollar consolidated against the Singapore Dollar last week.rejected the 1.3946 – 1.3986 resistance zone, pivoting lower. However, the pair was unable to get far. A bullish Golden Cross remains in play between the 50- and 100-day SMAs, offering an upside technical bias. Clearing resistance would offer a stronger bullish bias, placing the focus on the 61.8% Fibonacci extension at 1.4017. Otherwise, extending losses would bring the pair closer to the May low at 1.3660.
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