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US Dollar Climbs but Fails to Clear Resistance Levels: USD/SGD, USD/THB, USD/IDR, USD/PHP

US Dollar Climbs but Fails to Clear Resistance Levels: USD/SGD, USD/THB, USD/IDR, USD/PHP

Daniel Dubrovsky, Strategist

US Dollar, USD/SGD, USD/IDR, USD/THB, USD/PHP – ASEAN Technical Analysis

  • US Dollar gained against ASEAN currencies this past week
  • However, most pairs were unable to push past key resistance
  • Where to for USD/SGD, USD/IDR, USD/THB and USD/PHP?

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Singapore Dollar Technical Outlook – Slightly Bullish

The US Dollar aimed higher against the Singapore Dollar this past week. This brought USD/SGD back to the familiar 1.4107 – 1.4061 resistance zone that was established back in July. With that said, prices were unable to break above this range, leaving the pair unchanged from a few months ago. Negative RSI divergence is present, which does show that upside momentum is fading. While this may precede a turn lower, keep in mind that in the medium-term, the rising trendline from February is maintaining the dominant upside focus. Key support below is the September 13th low at 1.3940. Clearing resistance exposes the midpoint and 61.8% Fibonacci extensions at 1.4161 and 1.4213 respectively.

USD/SGD Daily Chart

USD/SGD

Chart Created in TradingView

Indonesian Rupiah Technical Outlook – Neutral

The US Dollar also gained against the Indonesian Rupiah this past week. USD/IDR also continues to trade within a bearish Rising Wedge chart formation. A breakout under the latter could open the door to extending losses towards the August low at 14670. Still, getting there entails clearing the 100-day Simple Moving Average (SMA). In the event of an upside breakout through the wedge, that could open the door to revisiting the July high at 15030. Further gaining above that exposes the 78.6% Fibonacci extension at 15145.

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USD/IDR Daily Chart

USD/IDR

Chart Created in TradingView

Thai Baht Technical Outlook – Neutral

The US Dollar gained against the Thai Baht this past week, bringing USD/THB back to the outer layer of the 36.738 – 36.949 resistance zone. That said, the bearish Double Top chart formation remains in play. This is as negative RSI divergence persists. A turn lower could place the focus on the 100-day SMA, which could reinstate the dominant upside focus. If it does not hold. That could open the door to revisiting the August low at 35.737. In the event of an upside breakout, the 78.6% Fibonacci extension at 37.334 stands as immediate resistance. Beyond that is the 100% level at 37.956.

USD/THB Daily Chart

USD/THB

Chart Created in TradingView

Philippine Peso Technical Outlook – Bullish

The US Dollar set a new high this year against the Philippine Peso last week. This meant USD/PHP broke above the 38.2% Fibonacci extension at 57.146, exposing the midpoint at 57.778. Still, keep in mind that negative RSI divergence persists, warning that a turn lower could be in store. In the event of a turn lower, the 50-day SMA could hold as key support, maintaining the dominant upside focus. Extending gains beyond the midpoint exposes the 61.8% Fibonacci extension at 58.41.

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USD/PHP Daily Chart

USD/PHP

Chart Created in TradingView

--- Written by Daniel Dubrovsky, Strategist for DailyFX.com

To contact Daniel, use the comments section below or@ddubrovskyFXon Twitter

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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