The Singapore Dollar was unable to make meaningful gains against the US Dollar this past week. This left USD/SGD facing the familiar 1.3381 – 1.3409 support zone, which is made up of September 2021 lows. Get your market update from ddubrovskyFX here:
remain below the 20- and 50-day Simple Moving Averages , maintaining a downside focus. Further losses expose the 2021 low.Meanwhile, the Thai Baht extended gains against the US Dollar this past week as prices closed under the May 2022 low at 33.994. This left USD/THB facing the March 31st, 2022 low at 33.19 as the next key level of support. Positive RSI divergence continues to hold, showing that downside momentum is fading. Still, prices remain under the 20- and 50-day SMAs.
Key resistance is the December 2022 low at 34.49, which could reinstate itself in the event of a turn higher.The Indonesian Rupiah continues to consolidate against the US Dollar. In fact, USD/THB appears to be carving out a Bullish Rectangle chart formation since November. While prices remain within the boundaries of the rectangle, the trading bias may remain neutral. But, a breakout above the pattern could open the door to resuming the prior uptrend from August through October.
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