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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

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.

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.

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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