The US Dollar roared higher this past week against Asian currencies. The Singapore Dollar was weak against the USD last week. USD/SGD climbed 1.81% in the best 5-day performance since March 2020, bringing the currency pair to within inches of April 22nd, 2020, high at 1.4329.
This move Confirms that a breakout above the former levels might open the door to extending gains, exposing the April 2020 high at 1.4416.
The USD/THB currency pair gained 2 percent this past week, with the USD soaring against the latter. Prices confirmed a breakout above the 36.738 – 36.949 resistance zone, opening the door to extending gains.
USD/PHP soared 2.48% last week, as the USD reached its best performance since November 2010. As such, prices continued to push above 2005 peaks. Prices broke above the 61.8% Fibonacci extension at 58.4106, exposing the 78.6% level at 59.3106. The latter is immediate resistance. Extending gains beyond that would open the door to facing the 100% level at 60.457
The strength of the USD against the Indonesian Rupiah was somewhat tamed. Although, the USD/IDR also scaled high, closing last week above the July peak at 15030. Confirmation of the breakout was lacking at the time of last week’s close. Extending gains place the focus on the 78.6% Fibonacci extension at 15145.53. Negative RSI divergence does warn that a turn lower could be in store.
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