The US Dollar is showing signs of weakness as early reversal moves are being made in USD/SGD, USD/THB, USD/IDR and USD/PHP. Are further losses in store? Get your market update from ddubrovskyFX here:
The US Dollar also weakened against the Indonesian Rupiah last week, with USD/IDR closing at its lowest since the middle of August. Prices broke under a bearish Rising Wedge chart formation, opening the door to extending losses since the middle of July. Still, the 100-day SMA is approaching from below, and it could reinstate the dominant upside focus. If not, further losses could open the door to retesting the August low at 14670. Otherwise, a close above the minor 14.
The US Dollar was little changed against the Philippine Peso this past week, but there are rising signs that a turn lower could be in the cards. For one thing, prices left behind a Shooting Star candlestick pattern which subsequently saw downside confirmation. Meanwhile, negative RSI divergence was present as prices set higher highs, but the indicator did not. Further losses would open the door to testing the 50-day SMA. The latter could hold as support, maintaining the broader upside focus.
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