US Dollar, USD/SGD, USD/THB, USD/IDR, USD/PHP – ASEAN Technical Analysis
- The US Dollar lost ground against most ASEAN currencies last week
- Singapore Dollar unable to clear key support, Thai Baht breaks support
- USD/IDR Bullish Rectangle now in focus, USD/PHP is eyeing 55.08
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Singapore Dollar Technical Outlook – Slightly Bullish
The Singapore Dollar was unable to make meaningful gains against the US Dollar this past week. This left USD/SGD facing the familiar 1.3381 – 1.3409 support zone, which is made up of September 2021 lows. Positive RSI divergence continues to brew, showing that downside momentum is fading. This can at times precede a turn higher. Still, prices remain below the 20- and 50-day Simple Moving Averages (SMAs), maintaining a downside focus. Further losses expose the 2021 low.
USD/SGD Daily Chart
Chart Created in TradingView
Thai Baht Technical Outlook – Bullish
Meanwhile, the Thai Baht extended gains against the US Dollar this past week as prices closed under the May 2022 low at 33.994. This left USD/THB facing the March 31st, 2022 low at 33.19 as the next key level of support. Positive RSI divergence continues to hold, showing that downside momentum is fading. Still, prices remain under the 20- and 50-day SMAs. As such, this is offering a bullish outlook for THB. Key resistance is the December 2022 low at 34.49, which could reinstate itself in the event of a turn higher.
USD/THB Daily Chart
Chart Created in TradingView
Indonesian Rupiah Technical Outlook – Neutral
The Indonesian Rupiah continues to consolidate against the US Dollar. In fact, USD/THB appears to be carving out a Bullish Rectangle chart formation since November. While prices remain within the boundaries of the rectangle, the trading bias may remain neutral. But, a breakout above the pattern could open the door to resuming the prior uptrend from August through October. Keep a close eye on the 100-day SMA, which is starting to creep higher into the rectangle.
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USD/IDR Daily Chart
Chart Created in TradingView
Philippine Peso Technical Outlook – Neutral
The Philippine Peso gained some ground against the US Dollar this past week. Still, USD/PHP remains above the critical 55.08 – 55.41 support zone that has been in play since December. The possibility of another failed push is thus leaving the PHP outlook neutral. Breaking lower would offer a bearish picture, exposing the 38.2% Fibonacci extension level at 54.706. Otherwise, key resistance is the 50-day SMA.
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
