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  • The US Dollar is moving higher after a blowout NFP report bolstered confidence in the US economic recovery. Markets will now turn attention to next week’s US inflation data which could boost the Greenback. Get your market alert from @FxWestwater here: https://t.co/Ud62r3hKRF https://t.co/dvvDCJvlbP
  • 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/7g9pB8D9xK
  • 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/OCLzmXaDCu
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  • 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/7oqC3ykBbU
  • Traders utilize varying time frames to speculate in the forex market. The two most common are long- and short-term-time frames which transmits through to trend and trigger charts. Learn more about time-frame analysis here: https://t.co/9S5tXIs3SX https://t.co/IgUIG55MbH
  • Supply constraints, rebounding global demand and rising inflation expectations may drive crude oil prices higher in the near term. Get your market update from @DanielGMoss here: https://t.co/ezPoAwcJt7 https://t.co/NMfk1cYSvE
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  • Crude Oil Prices Aiming Higher on OPEC Surprise, Inflation Expectations - https://www.dailyfx.com/forex/fundamental/forecast/weekly/title/2021/03/06/Crude-Oil-Prices-Aiming-Higher-on-OPEC-Surprise-Inflation-Expectations.html?CHID=9&QPID=917708&utm_source=Twitter&utm_medium=Moss&utm_campaign=twr $CL #Crudeoil #OOTT #OPEC https://t.co/AKvXWX9DLQ
  • Given the size of the rally in the eleven months preceding the beginning of the current decline a broader sell-off looks warranted. Get your market update from @PaulRobinsonFX here: https://t.co/UxZiSulpwB https://t.co/raXvlzkGbV
US Dollar Technical Outlook: USD/SGD, USD/THB, USD/IDR, USD/PHP

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

Daniel Dubrovsky, Strategist

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

  • ASEAN currencies are attempting to mount a comeback vs USD
  • USD/SGD, USD/THB eyeing to resume downtrend resumption
  • USD/IDR and USD/PHP still stuck above key support ranges
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Singapore Dollar Technical Outlook

The Singapore Dollar is back on the offensive against the US Dollar as USD/SGD attempts to resume the dominant downtrend since March 2020. Prices recently turned lower after touching the 1.3370 – 1.3404 resistance zone. The 100-day Simple Moving Average is also maintaining the focus to the downside. Immediate support sits below at 1.3218 before the January low is exposed at 1.3158. Resuming losses entails clearing the latter towards lows set in 2018.

USD/SGD Daily Chart

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

USD/SGD Chart Created in TradingView

Thai Baht Technical Outlook

The Thai Baht is also attempting to gain ground against the US Dollar, with USD/THB appearing to break under a neutral Symmetrical Triangle chart pattern. Further downside confirmation could pave the way to revisit the December 2020 low, which closely aligns with the key 29.72 – 29.77 support zone. Clearing the latter would expose the 100% Fibonacci extension level at 29.41. If prices turn higher instead, keep a close eye on triangle resistance which could reinstate the focus to the downside.

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USD/THB Daily Chart

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

USD/THB Chart Created in TradingView

Indonesian Rupiah Technical Outlook

The Indonesian Rupiah continues to hover around the 13870 – 14012 support zone against the US Dollar. Having said that, a falling trendline from September has been maintaining the near-term focus to the downside. Should USD/IDR clear this support area, that would expose the January 2020 low at 13560. Otherwise, climbing above falling resistance could open the door to testing the December 2020 high at 14280. A push above this price would subsequently expose 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/IDR, USD/PHP

USD/IDR Chart Created in TradingView

Philippine Peso Technical Outlook

The Philippine Peso remains in a consolidative state against the US Dollar, with the 100-day SMA sitting above as key resistance. Clearing the October 2016 low at 48.2075 exposes the midpoint of the Fibonacci extension at 47.92. Beyond that sits the 47.34 – 47.53 inflection zone, established in 2016 (highlighted on the daily chart below). Clearing the 100-day SMA on the other hand opens the door to retesting the 48.28 – 48.36 inflection zone should prices aim for peaks set in October.

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USD/PHP Daily Chart

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

USD/PHP 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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