US Dollar, USD/SGD, USD/THB, USD/PHP, USD/IDR – ASEAN Technical Analysis
- US Dollar is attempting to push higher against ASEAN currencies
- USD/SGD, USD/THB, USD/PHP, USD/IDR eyeing key resistance
- Confirming breakouts may mean broader gains on the horizon
Singapore Dollar Technical Outlook
The US Dollar is pressuring the Singapore Dollar as USD/SGD attempts to breach Ascending Triangle resistance at 1.3336. A breakout above this chart pattern could open the door to extending gains towards the 1.3410 inflection point. The pair is also pressuring the long-term falling trendline from late March 2020. However, beyond these points also sits a falling zone of resistance from June which could reinstate the focus to the downside. Downtrend resumption entails a fall through the January low at 1.3158.
USD/SGD Daily Chart
USD/SGD Chart Created in TradingView
Thai Baht Technical Outlook
The Thai Baht continues to trade within a neutral Symmetrical Triangle chart pattern against the US Dollar. The direction of the breakout could precede the next key direction of USD/THB. A climb above triangle resistance exposes the 61.8% Fibonacci extension at 30.3482, towards the direction of a potential falling trendline from March 2020. On the other hand, a breakout to the downside exposes the December 2020 low at 29.752, followed by the December 31st bottom at 29.72.
USD/THB Daily Chart
USD/THB Chart Created in TradingView
Philippine Peso Technical Outlook
The Philippine Peso continues to trade in a congestive setting against the US Dollar as USD/PHP hovers above the October 2016 low at 47.92. But, since October, a falling trendline has been guiding the pair cautiously lower. It may continue to pressure the pair to the downside, placing the focus on the midpoint of the Fibonacci extension at 47.7670. Beyond that sits an inflection range between 47.34 and 47.53, established in 2016 – see chart below. A climb above the trendline exposes the 48.2870 – 48.3600 inflection range.
USD/PHP Daily Chart
USD/PHP Chart Created in TradingView
Indonesian Rupiah Technical Outlook
Against the US Dollar, the Indonesian Rupiah remains in a consolidative state. USD/IDR has been hovering around June 2020 lows since November. A falling trendline from September seems to be guiding the pair lower, with key support sitting between 13870 and 14012. A breakout under this range exposes the January 2020 low at 13560. Otherwise, a climb above the falling trendline exposes key resistance at 14280. A subsequent push above that would place the focus on the 14525 – 14563 inflection zone.
For updates on ASEAN currencies as they break key technical levels, be sure to follow me on Twitter @ddubrovskyFX.
USD/IDR Daily Chart
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
