Skip to Content
News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site. See our updated Privacy Policy here.

0

Notifications

Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
Subscribe
Please try again
More View More
US Dollar Technical Outlook Remains Grim: USD/SGD, USD/IDR, USD/PHP, USD/THB

US Dollar Technical Outlook Remains Grim: USD/SGD, USD/IDR, USD/PHP, USD/THB

Daniel Dubrovsky, Contributor

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

  • US Dollar continues to lose ground, tumbling against ASEAN FX
  • USD/SGD, USD/PHP drop most in a month going back to 2016
  • USD/THB saw the exchange rate weaken most since 1998

USD Forecast
USD Forecast
Recommended by Daniel Dubrovsky
Get Your Free USD Forecast
Get My Guide

Singapore Dollar Technical Outlook – Bullish

The Singapore Dollar extended its advance against the US Dollar last week. In November, USD/SGD sank 3.84%. That was the best performance for SGD since March 2016. Where does this leave the pair heading into the new week? Keep a close eye on the 1.3511 – 1.3552 support zone. A confirmatory downside breakout would open the door to extending the downtrend, exposing lows from September 2021. In the event of a turn higher, keep a close eye on the 20-day Simple Moving Average (SMA). This could reinstate the downside focus.

USD/SGD Daily Chart

USD/SGD Daily Chart

Chart Created in TradingView

Indonesian Rupiah Technical Outlook – Bullish

The US Dollar also weakened against the Indonesian Rupiah, sending USD/IDR down 1.57% last week. That was the worst 5-day period since November 2020. Moreover, the pair broke under the 50-day SMA, opening the door to an increasingly downside bias ahead. Keep a close eye on the 20-day SMA, it could cross under the 50, creating a bearish Death Cross. Immediate support is the 38.2% Fibonacci retracement level at 15348. Further losses would expose the midpoint of the retracement at 15219. In the event of a turn higher, a push above the 23.6% level at 15508 would place the focus on the November high at 15768.

USD/IDR Daily Chart

USD/IDR Daily Chart

Chart Created in TradingView

Philippine Peso Technical Outlook – Bullish

The US Dollar is also quickly losing its upside progress earned earlier this year against the Philippine Peso. USD/PHP fell 2.77% in November, the worst month since March 2016. This has left USD/PHP facing August lows, making for a key zone of support between 55.10 and 55.41. This might be tricky to clear, but doing so would offer an increasingly bullish outlook for PHP, exposing the 61.8% Fibonacci retracement level at 54.236. In the event of a turn higher, key resistance could be the 56.503 inflection point before the 20-day SMA comes into focus.

The Fundamentals of Breakout Trading
The Fundamentals of Breakout Trading
Recommended by Daniel Dubrovsky
The Fundamentals of Breakout Trading
Get My Guide

USD/PHP Daily Chart

USD/PHP Daily Chart

Chart Created in TradingView

Thai Baht Technical Outlook – Bullish

The US Dollar is also quickly losing ground against the Thai Baht, with USD/THB sinking 7.63% in November. That was the worst month since March 1998! Heading into the new week, USD/THB is facing the May low at 33.994. In the event of a turn higher, key resistance could be the 35.052 inflection point. Beyond that the 20-day SMA would likely quickly follow, offering an opportunity to maintain the dominant downside focus.

USD/THB Daily Chart

USD/THB Daily Chart

Chart Created in TradingView

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

To contact Daniel, follow him on Twitter:@ddubrovskyFX

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

DISCLOSURES