Crude oil prices shrugged off the US lifting sanctions on some Iranian officials as gold did the same after eye-popping inflation data. What is the technical picture for WTI and XAU/USD?
The US Dollar steadied against most ASEAN currencies this past week. Key support levels remain in play looking at USD/SGD, USD/THB and USD/PHP. USD/IDR may rise with a new trendline.
: Saturday, June 5, 2021, 10:18 AM IST
Indices close at record high amid falling COVID cases; Nifty likely to touch 16,000-levels next week
The bulls were driving the market throughout the week as we were witnessing daily new record highs in the Nifty 50. However, on Friday (June 4) trading session, the benchmark index turned volatile after the Reserve Bank of India (RBI) decided to keep the policy rate unchanged and closed slightly lower at 15,669.25 levels with a loss of 21 points while Bank Nifty settled around 35291.65 levels with almost 1 percent loss in a day. Overall, it was profitable weekly as the Nifty index gained more than 1.3 percent on a weekly basis and also made a new record high at 15,733.60 levels on the last trading session of the week.
The Euro may fall if a pickup in inflation proves inadequate to inspire a rethink of ultra-dovish ECB policy. The US Dollar looks the ISM manufacturing survey for a lifeline.
US Dollar Technical Forecast: USD/SGD, USD/THB, USD/IDR, USD/PHP
2021-05-31 03:00:00
Daniel Dubrovsky,
Strategist
US Dollar, USD/SGD, USD/THB, USD/PHP, USD/IDR – ASEAN Technical Analysis
US Dollar resumed decline against ASEAN currencies this past week
USD/SGD eyeing early 2021 low, USD/THB may bounce on key SMA
USD/IDR faces early May trough, will USD/PHP set new 2021 lows?
Singapore Dollar Technical Outlook
The US Dollar extended losses against the Singapore Dollar, with USD/SGD closing at its lowest since late February on the daily chart below. Prices also took out the 78.6% Fibonacci retracement level at 1.3238, exposing the 1.3158 – 1.3238 support zone. However, positive RSI divergence shows that downside momentum is fading, warning that a turn higher could be in store. Such an outcome may place the focus on the 20- and 50-day Simple Moving Averages (SMAs). The latter may reinstate a downside bias.