US Dollar, USD/SGD, USD/IDR, USD/THB, USD/PHP – ASEAN Technical Analysis
- The US Dollar remains vulnerable to ASEAN currencies
- USD/SGD, USD/IDR, USD/THB momentum accelerates
- USD/PHP relatively restrained, but support breakout eyed
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Singapore Dollar Technical Outlook – Bullish
The US Dollar continues to get crushed by the Singapore Dollar. USD/SGD dropped another week, tumbling 1.48%. This meant that SGD closed at its strongest against the USD since January 2021. The pair is thus facing the key 1.3158 – 1.3190 support zone. Momentum remains strong and a breakout under this range would open the door to extending the dominant downtrend, exposing the 100% Fibonacci extension at 1.3005.
USD/SGD Daily Chart
Chart Created in TradingView
Indonesian Rupiah Technical Outlook – Bullish
The Indonesian Rupiah soared 1.28 percent against the US Dollar this past week. This meant that USD/IDR finally exited a consolidation zone between 15379 – 15800. Prices broke under the 100-day Simple Moving Average (SMA), opening the door to downtrend resumption. Key support is the 61.8% Fibonacci retracement level at 15089. Below that is the 78.6% point at 14904. In the event of a turn higher, the 100-day SMA may reinstate itself as new resistance.
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USD/IDR Daily Chart
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Thai Baht Technical Outlook – Bullish
The Thai Baht continued its winning streak against the US Dollar, with USD/THB dropping 0.86 percent last week. This brought the pair to close at the lowest since March 2022. Prices confirmed a breakout under the March 31st, 2022 low at 33.19. That has exposed the 2022 bottom at 32.088 as immediate support. Momentum has been accelerating as prices move faster and further away from the 20- and 50-day SMAs. This leaves a wide zone where prices may rebound before the SMAs may kick in as resistance.
USD/THB Daily Chart
Chart Created in TradingView
Philippine Peso Technical Outlook – Slightly Bullish
The Philippine Peso also rose against the US Dollar, but it was more restrained with USD/PHP falling 0.18%. Prices have broken under the 55.08 – 55.41 support zone, but it has been rather lackluster. Positive RSI divergence does persist, showing that downside momentum is fading. That can at times precede a turn higher. Still, prices remain below the 20- and 50-day SMAs. Immediate support is the 38.2% Fibonacci extension level at 54.706. Below that is the midpoint at 54.221.
USD/PHP Daily Chart
Chart Created in TradingView
— Written by Daniel Dubrovsky, Senior Strategist for DailyFX.com
To contact Daniel, follow him on Twitter:@ddubrovskyFX
