US Dollar Technical Outlook for the Week Ahead: USD/SGD, USD/THB, USD/PHP, USD/IDR
US Dollar, USD/SGD, USD/THB, USD/PHP, USD/IDR – ASEAN Technical Analysis
- US Dollar was mostly flat against ASEAN currencies this past week
- Broader uptrends remain in focus for the US Dollar in days ahead
- What is the road ahead for USD/SGD, USD/THB, USD/PHP, USD/IDR?
Singapore Dollar Technical Outlook – Bearish
The US Dollar traded flat against the Singapore Dollar last week, but price action was relatively volatile. USD/SGD left behind a bullish Morning Star candlestick pattern. Prices then confirmed the formation, opening the door to extending higher. That is placing the focus on the September high. In the event of a turn lower, the rising trendline from August could reinstate the broader upside focus.
USD/SGD Daily Chart
Thai Baht Technical Outlook – Bearish
The US Dollar was slightly weaker against the Indonesian Rupiah last week. However, USD/IDR was unable to fall under the rising trendline from August. As such, the broader upside focus remains in play. Extending gains place the focus on September highs before 38.61 kicks in. In the event of a turn lower, a confirmatory breakout under the rising trendline places the focus on the 100-period SMA.
USD/THB Daily Chart
Philippine Peso Technical Outlook – Slightly Bearish
The US Dollar was mostly flat against the Philippine Peso this past week. Key support, which is the 61.8% Fibonacci extension at 58.41, held. Meanwhile, resistance, which is the 78.6% extension at 59.31, was held. A confirmatory breakout above the latter opens the door to uptrend resumption. Otherwise, a turn lower has USD/PHP facing the 20- and 50-day Simple Moving Averages (SMAs).
USD/PHP Daily Chart
Indonesian Rupiah Technical Outlook – Slightly Bearish
The US Dollar traded mostly flat against the Indonesian Rupiah this past week. USD/IDR was unable to hold a close above the 100% Fibonacci extension at 15275, leaving it as key resistance. Prices also remain above the 20-day SMA, which is helping maintain the upside focus. A breakout above resistance exposes the 123.6% extension at 15417.
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USD/IDR Daily Chart
--- Written by Daniel Dubrovsky, Strategist for DailyFX.com
Contact Daniel at @ddubrovskyFX on Twitter
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.