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US Dollar Mixed Week Leaves Key Uptrends Intact: USD/SGD, USD/IDR, USD/THB, USD/PHP

US Dollar Mixed Week Leaves Key Uptrends Intact: USD/SGD, USD/IDR, USD/THB, USD/PHP

Daniel Dubrovsky, Strategist

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

  • The US Dollar saw a mixed week against ASEAN currencies
  • Broadly speaking, dominant uptrends remain the key focus
  • Where to for USD/SGD, USD/IDR, USD/THB, USD/PHP?
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Singapore Dollar Technical Outlook – Neutral

The US Dollar ended little changed against the Singapore Dollar this past week. This brought USD/SGD’s rise since the August low (1.3666) to a pause. A potential falling trendline might be forming from July. Meanwhile, rising support from February is keeping the broader uptrend intact. The lack of meaningful progress last week is thus offering a neutral setting this week. Clearing the August swing high exposes the July peak at 1.4096. Otherwise, near-term support is the midpoint of the Fibonacci retracement at 1.3881. Further losses from there would place the focus on August lows.

USD/SGD Daily Chart

USD/SGD Daily Chart

Chart Created in TradingView

Indonesian Rupiah Technical Outlook – Slightly Bearish

The US Dollar cautiously weakened against the Indonesian Rupiah last week. This follows the emergence of a bearish Evening Star candlestick pattern. Further downside confirmation has been achieved, opening the door to losses ahead. However, keep an eye on the 100-day Simple Moving Average (SMA) below. It could come into play as key support, maintaining the broader upside focus. Otherwise, the August low at 14670 would be next. Confirming a breakout above the 38.2% Fibonacci extension at 14901 would likely shift the outlook increasingly bullish as the July high at 15030 comes into focus.

USD/IDR Daily Chart

USD/IDR Daily Chart

Chart Created in TradingView

Thai Baht Technical Outlook – Slightly Bullish

The US Dollar barely inched higher against the Thai Baht this past week. However, USD/THB was unable to clear the 38.2% Fibonacci extension at 36.1613. Still, the bounce since early August remains in play, offering a slightly bullish bias. Up ahead lies the critical 36.738 – 36.949 resistance zone. Passing it with conviction would offer a stronger bullish view. That would expose the 78.6% extension at 37.3345. Otherwise, a turn lower places the focus on the 100-day SMA. It could hold as support and maintain the broader upside focus.

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USD/THB Daily Chart

USD/THB Daily Chart

Chart Created in TradingView

Philippine Peso Technical Outlook – Neutral

The US Dollar traded relatively flat against the Philippine Peso last week. Prices are cautiously trying to push higher towards the July peak at 56.527, but progress has been slow. Beyond that level is the 2005 peak at 56.61. Confirming a breakout above this level could open the door to a bullish bias, placing the focus on the 38.2% Fibonacci extensions at 57.146. In the event of a turn lower, the 55.10 – 55.34 support zone will likely be key to watch. A breakout under it, as well as the 50-day SMA, would offer a bearish bias. Such an outcome exposes the 38.2% Fibonacci retracement level at 54.48.

USD/PHP Daily Chart

USD/PHP Daily Chart

Chart Created in TradingView

--- Written by Daniel Dubrovsky, Strategist for DailyFX.com

To contact Daniel, use the comments section below or @ddubrovskyFX on Twitter

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