News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site. See our updated Privacy Policy here.

0

Notifications

Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
Subscribe
Please try again
More View more
US Dollar Winning Streak Extends, Now What? USD/THB, USD/IDR, USD/PHP, USD/SGD

US Dollar Winning Streak Extends, Now What? USD/THB, USD/IDR, USD/PHP, USD/SGD

Daniel Dubrovsky, Strategist

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

  • The US Dollar mostly extended gains against ASEAN currencies
  • The Thai Baht, Indonesian Rupiah and Philippine Peso are at risk
  • Singapore Dollar is putting up more of a fight, will resistance break?

Thai Baht Technical Outlook – Bullish

The US Dollar roared higher against the Thai Baht last week, with USD/THB pushing its highest rate since March 2017. Moreover, the pair took out the critical 34.759 – 34.850 resistance zone, placing the focus on the midpoint of the Fibonacci extension at 35.426 next. Further gains would subsequently expose the 61.8% and 78.5% extensions at 35.751 and 36.215 respectively. Otherwise, a turn lower could see the 50-day Simple Moving Average hold as support.

USD/THB Daily Chart

US Dollar Winning Streak Extends, Now What? USD/THB, USD/IDR, USD/PHP, USD/SGD

Chart Created in TradingView

Indonesian RupiahTechnical Outlook – Bullish

The US Dollar also gained against the Indonesian Rupiah, extending gains since late May. USD/IDR confirmed a breakout above the May high at 14730. Now, the pair is fast approaching highs from September 2020. The latter makes for a key zone of resistance between 14915 and 14975. In the event of a turn lower, the 20- and 50-period SMAs could hold as key support, maintaining the broader focus to the upside.

USD/IDR Daily Chart

US Dollar Winning Streak Extends, Now What? USD/THB, USD/IDR, USD/PHP, USD/SGD

Chart Created in TradingView

Philippine Peso Technical Outlook – Bullish

The US Dollar appreciated against the Philippine Peso last week, extending gains since early April. Immediate resistance appears to be the 100% Fibonacci extension at 53.89. Beyond the latter is the 2018 high at 54.43. Should prices turn lower, immediate support appears to be the 78.6% Fibonacci extension at 53.307. Under that are the 20- and 50-period SMAs. The latter could hold as support, continuing the broader upside bias.

USD/PHP Daily Chart

US Dollar Winning Streak Extends, Now What? USD/THB, USD/IDR, USD/PHP, USD/SGD

Chart Created in TradingView

Singapore Dollar Technical Outlook – Slightly Bullish

The US Dollar consolidated against the Singapore Dollar last week. USD/SGD rejected the 1.3946 – 1.3986 resistance zone, pivoting lower. However, the pair was unable to get far. A bullish Golden Cross remains in play between the 50- and 100-day SMAs, offering an upside technical bias. Clearing resistance would offer a stronger bullish bias, placing the focus on the 61.8% Fibonacci extension at 1.4017. Otherwise, extending losses would bring the pair closer to the May low at 1.3660.

USD/SGD Daily Chart

US Dollar Winning Streak Extends, Now What? USD/THB, USD/IDR, USD/PHP, USD/SGD

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.

DISCLOSURES