US Dollar, USD/SGD, USD/THB, USD/PHP, USD/IDR – ASEAN Technical Analysis
- US Dollar extends gains against ASEAN currencies after FOMC
- USD/SGD and USD/THB technical outlook remains tilted higher
- USD/PHP may test Triangle resistance, will USD/IDR bounce?
Singapore Dollar Technical Outlook
The US Dollar is extending a push higher against ASEAN currencies, including the Singapore Dollar, after this month’s FOMC rate decision. This follows USD/SGD testing September lows, making for a zone of support above 1.3381. This is as the 100-day Simple Moving Average (SMA) and rising trendline from June pivoted the pair higher. USD/SGD subsequently took out the 1.3474 – 1.3502 inflection zone. After confirming the breakout, this could see prices resume gains towards the August high. Immediate resistance seems to be the 38.2% Fibonacci extension at 1.3573.
USD/SGD Daily Chart
Thai Baht Technical Outlook
The US Dollar is touching the highest point against the Thai baht since peaks from 2018. USD/THB is thus pressuring the kye 33.3240 – 33.5260 resistance zone. This follows a bounce off the August low at 32.1890. Guiding the pair higher appears to be a near-term rising trendline from the beginning of this month. Negative RSI divergence is present, undermining recent upside price action. Still, a breakout above key resistance exposes the 61.8% Fibonacci extension at 33.7118 ahead of the 78.6% point at 34.1257. Such an outcome would continue falling in line with the dominant uptrend, which remains intact.
USD/THB Daily Chart
Philippine Peso Technical Outlook
The US Dollar continues to trade within the boundaries of a Descending Triangle against the Philippine Peso. The floor seems to have been reinforced as the 49.67 – 49.84 support zone, with falling resistance from July as the ceiling. A breakout above the latter could open the door to resuming the uptrend seen from June through July. Such an outcome may place the focus on the current 2021 peak around 51.38. Otherwise, dropping through the floor of the triangle could open the door to extending losses towards the 100-day SMA.
USD/PHP Daily Chart
Chart Created on the IG Trading Platform
Indonesian Rupiah Technical Outlook
The US Dollar continues to mark time against the Indonesian Rupiah, with USD/IDR idling above the key 14190 – 14223 support zone. Positive RSI divergence is emerging though, showing fading downside momentum. This can at times precede a turn higher. Still, a bearish ‘Death Cross’ remains in play between the 20- and 50-day SMAs. These lines may reorient the pair lower in the event of a turn higher in the near term. As such, the pair still faces multiple technical obstacles to the upside. Resuming losses exposes the 100% Fibonacci extension at 14105.
USD/IDR Daily Chart
--- Written by Daniel Dubrovsky, Strategist for DailyFX.com
To contact Daniel, use the comments section below or @ddubrovskyFX on Twitter
