US Dollar, USD/SGD, USD/THB, USD/IDR, USD/PHP – ASEAN Technical Analysis
- US Dollar continues to fax combined outlook in opposition to ASEAN currencies
- USD/SGD downtrend slows, USD/THB breakout hints at extra losses
- USD/IDR stays in a consolidative state, USD/PHP eyes resistance
Singapore DollarTechnical Outlook – Slightly Bearish
The US Dollar is attempting to carry its floor in opposition to the Singapore Dollar after USD/SGD broke below key rising help final week. Follow-through has been noticeably missing as costs consolidated across the 1.3474 – 1.3502 inflection zone. Positive RSI divergence does present that draw back momentum is fading, which might at occasions precede a flip increased. Still, a bearish ‘Death Cross’ between the 20- and 50-day Simple Moving Averages stay in play. Immediate help appears to be the 61.8% Fibonacci extension at 1.3453. Clearing this worth could open the door to resuming the downtrend in the direction of September lows.
USD/SGD Daily Chart
Chart Created in TradingView
Thai Baht Technical Outlook – Bearish
The US Dollar is trying more and more weak to the Thai Baht. USD/THB just lately confirmed a breakout below a long-term rising trendline from early 2021. Prices subsequently took out the 32.974 inflection level, exposing the 200-day SMA. The latter might nonetheless keep the broader upside focus, however a breakout opens the door to increase losses in the direction of the November low at 32.562. Below that’s the August low at 32.196. Closing again above the rising trendline might even see costs pivot increased in the direction of 2021 peaks.
USD/THB Daily Chart
Chart Created in TradingView
Indonesian RupiahTechnical Outlook – Neutral
The US Dollar just lately gained some floor in opposition to the Indonesian Rupiah, however USD/IDR stays in a consolidative state. The pair is idling between rising help from October, and falling resistance from March. Clearing resistance, with affirmation, could open the door to extending good points because the finish of 2021. That locations the deal with 14438 earlier than focusing on the June excessive at 14560. On the opposite hand, turning decrease and clearing rising help exposes the 14190 – 14223 inflection zone earlier than focusing on the October low at 14075.
USD/IDR Daily Chart
Chart Created in TradingView
Philippine Peso Technical Outlook – Neutral
The US Dollar is trying to breach key resistance in opposition to the Philippine Peso. USD/PHP is attempting to carry above the 51.095 – 51.442 zone, however latest technical developments don’t appear confidence-inspiring. Prices left behind a impartial Shooting Star candlestick sample. An additional draw back shut might be a bearish sign, particularly with destructive RSI divergence current. Key help might be the 20-day SMA, which can reinstate the dominant upside focus. Otherwise, fast resistance seems to be the 61.8% Fibonacci extension at 51.7339. Above that’s the March 2020 excessive.
USD/PHP Daily Chart
Chart Created in TradingView
–— Written by Daniel Dubrovsky, Strategist for DailyFX.com
To contact Daniel, use the feedback part under or @ddubrovskyFX on Twitter
https://www.tradingview.com/symbols/USDPHP/?exchange=FX_IDC
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