The US Dollar extended its push against ASEAN currencies. However, some of them are starting to show signs of pushback. What is the road ahead for USD/SGD, USD/PHP, USD/IDR and USD/THB? Get your market update from ddubrovskyFX here:
The US Dollar continued its advance against the Singapore Dollar this past week, though it trimmed a lot of its gains towards the end. Negative RSI divergence was showing that upside momentum was deteriorating, hinting at a turn lower. USD/SGD also left behind a Hanging Man candlestick pattern, subsequently finding downside follow-through. This could hint at further losses to come. But, prices were unable to drop below the former 1.3986 – 1.3946 resistance zone.
The US Dollar extended its aggressive advance against the Philippine Peso this past week. In fact, USD/PHP rose 3.85% over the past 3 weeks. That was the best performance over the same timeframe since 2000! However, on the daily chart, USD/PHP left behind a couple of Shooting Star candlestick patterns. These are clear signs of indecision, coupled now with negative RSI divergence. Still, the uptrend remains notably intact.
The US Dollar closed at its highest against the Indonesian Rupiah since May 2020 last week. This left USD/IDR above the key 14915 – 14975 resistance zone, which is made up of September 2020 peaks. Still, the pair did leave behind a Shooting Star candlestick pattern. This is coupled with negative RSI divergence. Combined, these are making early warnings of a top. But, the uptrend notably remains intact. A confirmatory close under the 20-day SMA could shift the outlook increasingly bearish.
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