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

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

Daniel Dubrovsky, Strategist

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

  • US Dollar weakness slows against ASEAN currencies, downside bias holds
  • USD/SGD break above wedge lacking follow-through, keep a close eye on it
  • USD/TWD at support, USD/THB eyes triangle, USD/IDR trendline in focus

Singapore Dollar Technical Outlook

The US Dollar is attempting to break above a bullish Falling Wedge chart pattern against the Singapore Dollar noted last week. Thus far however confirmation has been lacking as USD/SGD struggled to climb through the February – June 2018 inflection zone between 1.3311 and 1.3339. Further losses from here may overturn the reversal implications of the wedge, with downtrend resumption entailing a drop through early January lows. The 50-day Simple Moving Average may also act as key resistance in the event of a push higher from here.

USD/SGD Daily Chart

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

USD/SGD Chart Created in TradingView

New Taiwan Dollar Technical Outlook

The New Taiwan Dollar continues to trade within a Falling Wedge against the US Dollar. USD/TWD has struggled to break under the 78.6% Fibonacci extension at 27.9856. A drop through this price, with confirmation, opens the door to resuming the dominant downtrend since 2019. That exposes the 100% level at 27.6090 on the way to lows from 1996 to 1997. Otherwise, a break above the wedge could open the door to a reversal towards the 61.8% extension at 28.2813.

USD/TWD Daily Chart

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

USD/TWD Chart Created in TradingView

Thai Baht Technical Outlook

The Thailand Baht remains oscillating within a neutral Symmetrical Triangle against the US Dollar. The 50-day SMA recently held as resistance, sending USD/THB towards triangle support and the 78.6% Fibonacci extension at 29.9391. A break under support could open the door to downtrend resumption towards the December 31st, 2019 low at 29.72. Otherwise, a break above the triangle and 50-day SMA exposes the 61.8% extension at 30.3482 for testing November highs.

USD/THB Daily Chart

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

USD/THB Chart Created in TradingView

Indonesian Rupiah Technical Outlook

Falling resistance from September is proving to be a struggle for the US Dollar after USD/IDR turned lower on the trendline once again. This could leave the Indonesian Rupiah set to retest lows from June for another shot at resuming the top since September. Further surpassing the 13935 – 14012 support zone exposes the 2020 low at 13560. Otherwise, a climb above descending resistance places the focus on December highs around 14280.

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 Outlook: USD/SGD, USD/TWD, USD/THB, USD/IDR

USD/IDR 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.

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