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US Dollar Continues to Stand its Ground: USD/SGD, USD/THB, USD/PHP, USD/IDR

US Dollar Continues to Stand its Ground: 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 continues to hold its ground against most ASEAN FX
  • USD/SGD faces key support, USD/THB Death Cross in focus
  • USD/PHP and USD/IDR are consolidating above key floors

Singapore Dollar Technical Outlook

The US Dollar remains under pressure against the Singapore Dollar, though USD/SGD’s downside momentum has been slowing as of late. Last week, the pair was already struggling to extend losses in the aftermath of a bearish Double Top. Positive RSI divergence warns that a turn higher could be in the cards. This is as the pair is consolidating around the 200-day Simple Moving Average. Clearing the latter may open the door to downtrend resumption towards current 2021 lows. Key resistance seems to be the 1.3474 – 1.3502 inflection zone.

USD/SGD Daily Chart

US Dollar Continues to Stand its Ground: USD/SGD, USD/THB, USD/PHP, USD/IDR

Chart Created in TradingView

Thai Baht Technical Outlook

The US Dollar faces its next test against the Thai Baht after USD/THB bounced off the August low. A bearish crossover between the 20- and 50-day SMAs remains in play, underscoring the downside bias. But, the pair is testing the 50-day line. A breakout above could hint at further gains to come given confirmation, with the 32.986 inflection point eyed as key resistance. Clearing this point may open the door to retesting peaks from 2018. Otherwise, a turn lower from here has the 38.2% Fibonacci retracement at 32.5508 in sight towards a potential rising trendline from February.

USD/THB Daily Chart

US Dollar Continues to Stand its Ground: USD/SGD, USD/THB, USD/PHP, USD/IDR

Chart Created in TradingView

Philippine Peso Technical Outlook

The US Dollar continues to consolidate against the Philippine Peso, with USD/PHP hovering around the key 49.84 – 49.67 support zone. A bearish crossover between the 20- and 50-day SMAs recently formed, perhaps opening the door to a downside technical bias. Still, confirmation is key when it comes to breakouts. The 100-day SMA is fast approaching from below and could reinstate the broader trend to the upside. A falling trendline from July seems to be helping to make a Descending Triangle chart formation. Prices could remain constrained within these key boundaries in the near-term.

USD/PHP Daily Chart

US Dollar Continues to Stand its Ground: USD/SGD, USD/THB, USD/PHP, USD/IDR

Chart Created on the IG Trading Platform

Indonesian Rupiah Technical Outlook

The US Dollar could have a chance to mount a comeback against the Indonesian Rupiah. USD/IDR is consolidating just above the key 14190 – 14223 support zone. A bounce from here could place the focus on the 14309 inflection point. Meanwhile, a bearish crossover between the 20- and 50-day SMAs is still offering a downward technical bias. These lines may come into play as key resistance in the event of a turn higher, reinstate the focus lower. Downtrend resumption exposes the 100% Fibonacci extension at 14105.

USD/IDR Daily Chart

US Dollar Continues to Stand its Ground: USD/SGD, USD/THB, USD/PHP, USD/IDR

Chart Created in TradingView

--- Written by Daniel Dubrovsky, Strategist 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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