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

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

Daniel Dubrovsky, Strategist

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
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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

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

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.

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USD/THB Daily Chart

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

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.

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USD/PHP Daily Chart

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

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

US Dollar Technical Outlook: USD/SGD, USD/THB, USD/PHP, 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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