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
Wall Street
Bearish
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
More View more
Real Time News
  • All eyes on the Fed on Wednesday as investors weigh on chances of a taper announcement. Get your weekly equities forecast from @HathornSabin here: https://t.co/Cv06XcvldF https://t.co/I12g2YPkdE
  • Knowing how to accurately value a stock enables traders to identify and take advantage of opportunities in the stock market. Find out the difference between a stock's market and intrinsic value, and the importance of the two here: https://t.co/QszmdZFxlk https://t.co/KsPiWBysiR
  • GDP (Gross Domestic Product) economic data is deemed highly significant in the forex market. GDP figures are used as an indicator by fundamentalists to gauge the overall health and potential growth of a country. Learn use GDP data to your advantage here: https://t.co/Yl9vM7kO6a https://t.co/iUvhLfQgcK
  • The US Dollar caught a bid in the late part of last week to set a fresh September high. FOMC is around the corner, are bulls going to be able to push for another fresh high? Get your weekly US Dollar forecast from @JStanleyFX here: https://t.co/ZkDHyV1VhM https://t.co/w5sPChKdNx
  • The Federal Reserve System (the Fed) was founded in 1913 by the United States Congress. The Fed’s actions and policies have a major impact on currency value, affecting many trades involving the US Dollar. Learn more about the Fed here: https://t.co/ADSC4sIHrP https://t.co/bde30KM8OE
  • The Australian Dollar remains vulnerable to most of its major counterparts, with AUD/USD and AUD/JPY resuming losses. Did AUD/NZD bottom? AUD/CAD may consolidate. Get your weekly Australian Dollar forecast from @ddubrovskyFX here: https://t.co/sjh91mjtXs https://t.co/dGT067zKnH
  • Technical analysis of charts aims to identify patterns and market trends by utilizing differing forms of technical chart types and other chart functions. Learn about the top three technical analysis tools here: https://t.co/KDjIjLdTSk https://t.co/VLZQhrQTAf
  • The ISM manufacturing index plays an important role in forex trading, with ISM data influencing currency prices globally. Learn about the importance of the ISM manufacturing index here: https://t.co/Xr3xtoFpZy https://t.co/j5xDAG6LLb
  • While the meetings of central bankers in the US, Japan and the UK will be front, left and center of traders’ minds this coming week, it would be wise not to ignore next Sunday’s German Federal Election. Get your euro forecast from @MartinSEssex here: https://t.co/m920Uvmngm https://t.co/yQYtfHf66s
  • Take a closer look visually at the most influential global importers and exporters here: https://t.co/G58J1dg6y3 https://t.co/Dqq9S9vGvo
US Dollar Technical Forecast: USD/SGD, USD/IDR, USD/THB, USD/TWD

US Dollar Technical Forecast: USD/SGD, USD/IDR, USD/THB, USD/TWD

Daniel Dubrovsky, Strategist

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

  • US Dollar remains under pressure against ASEAN currencies
  • USD/SGD downside momentum is fading, USD/IDR ranging
  • USD/THB and USD/TWD are pressuring key support levels
Advertisement

Singapore Dollar Technical Outlook

The Singapore Dollar is looking to resume its advance against the US Dollar since late March as USD/SGD inches closer towards lows from 2018. There was a brief bounce off the midpoint of the Fibonacci extension at 1.3242 which also closely aligned with a falling support line from June – see daily chart below. Positive RSI divergence does show that downside momentum is fading which can at times precede a turn higher. However, the 20-day and 50-day Simple Moving Averages (SMAs) can maintain the focus to the downside in such an outcome as key resistance points. Otherwise,

USD/SGD Daily Chart

US Dollar Technical Forecast: USD/SGD, USD/IDR, USD/THB, USD/TWD

USD/SGD Chart Created in TradingView

Indonesian Rupiah Technical Outlook

The Indonesian Rupiah continues to consolidate against the US Dollar at levels just above lows USD/IDR set back in June. Prices recently turned lower after testing the 50-day SMA, placing the focus on the 13935 – 14012 support zone. A push under the latter exposes the January 2020 low at 13560. Otherwise, a climb through the moving average places the focus on the 14525 – 14563 inflection zone on the way towards highs from August through September. The latter make for an area of resistance between 14915 and 14975.

For updates on ASEAN currencies as they break key technical levels, be sure to follow me on Twitter @ddubrovskyFX.

USD/IDR Daily Chart

US Dollar Technical Forecast: USD/SGD, USD/IDR, USD/THB, USD/TWD

USD/IDR Chart Created in TradingView

Thai Baht Technical Outlook

Thailand’s Baht also continues to consolidate against the US Dollar after USD/THB bounced off the December 31st, 2019 low at 29.72. This followed positive RSI divergence, hinting of a turn higher as expected. The 20-day SMA has been maintaining the focus to the downside however as prices attempt to fall back to 29.72. A push above the 20-day SMA will expose the 50-day one. Former support at 30.74 may hold as new resistance in the event of a material turn higher. Otherwise, a drop through the 2019 low exposes the trough set in 2013.

USD/THB Daily Chart

US Dollar Technical Forecast: USD/SGD, USD/IDR, USD/THB, USD/TWD

USD/THB Chart Created in TradingView

New Taiwan Dollar Technical Outlook

The New Taiwan Dollar is pressuring key support against the US Dollar, with USD/TWD eyeing the 78.6% Fibonacci extension at 27.98. The 20-day and 50-day SMAs continue to keep the focus towards the downside, particularly after the pair fell to its lowest in over 30 years. A fall through support exposes the 100% Fibonacci extension at 27.60 followed by lows set in 1996 and 1997. The latter could make for a critical support zone between 27.15 and 27.34.

USD/TWD Daily Chart

US Dollar Technical Forecast: USD/SGD, USD/IDR, USD/THB, USD/TWD

USD/TWD Chart Created in TradingView

--- Written by Daniel Dubrovsky, Currency Analyst for DailyFX.com

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

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

DISCLOSURES