US Dollar, USD/SGD, USD/THB, USD/IDR, USD/PHP – ASEAN Technical Analysis
- US Dollar drop slows against ASEAN currencies as prices bounce
- USD/SGD next leg higher? USD/THB adheres to rising trendline
- USD/IDR trades in Ascending Channel, USD/PHP still ranging
Singapore Dollar Technical Outlook
The US Dollar paused recent weakness against the Singapore Dollar, with USD/SGD adhering to its mostly consolidative state since March. Prices tested a rising range of support from June and the upper bound of the 1.3381 – 1.3419 support zone. This also followed a bounce off the 200-day Simple Moving Average, which has flattened since earlier this year. Extending gains may see prices push above the 1.3474 – 1.3502 inflection range, opening the door to testing a falling zone of resistance from July. Otherwise, breaking under immediate support exposes the 78.6% Fibonacci retracement at 1.3298.
USD/SGD Daily Chart
Thai Baht Technical Outlook
The US Dollar remains in a near-term downtrend against the Thai Baht since late September. But, USD/THB could be readying to stage its next portion of the dominant uptrend since February. The pair bounced off a rising trendline from June, leaving behind support at 32.974. Climbing above the 33.324 – 33.526 inflection zone, which consists of peaks from 2018, exposes the current 2021 high at 34.000. Otherwise, turning lower and dropping under the rising trendline subsequently exposes the August low at 32.196.
USD/THB Daily Chart
Indonesian Rupiah Technical Outlook
The US Dollar continues to trade lower against the Indonesian Rupiah within a Descending Channel since July. Prices recently bounced off the floor of the zone, leaving behind key support at 14075. This leaves USD/IDR potentially facing the ceiling of the channel as it nears the 14190 – 14223 inflection zone. A bearish Death Cross remains between the 50- and 100-day Simple Moving Averages, offering a broader downward technical bias. Clearing the channel to the upside exposes the 14309 inflection point. Otherwise, downtrend resumption may place the focus on 14012 on the chart below.
USD/IDR Daily Chart
Philippine Peso Technical Outlook
The US Dollar continues to consolidate against the Philippine Peso, with USD/PHP ranging between the 49.54 – 49.67 support zone and the 51.09 – 51.32 resistance area. Lately, the 50-day SMA has been holding as key support, with the 100-day line fast approaching from below. Clearing resistance exposes the 61.8% Fibonacci extension at 51.73. To the downside, a confirmatory close under the 23.6% Fibonacci extension at 50.37 may open the door to revisiting the 49.54 – 49.67 floor.
USD/PHP Daily Chart
–— Written by Daniel Dubrovsky, Strategist for DailyFX.com
To contact Daniel, use the comments section below or @ddubrovskyFX on Twitter