US Dollar, USD/SGD, USD/THB, USD/IDR, USD/PHP – ASEAN Technical Analysis
- US Dollar has been rising against ASEAN currencies, will gains continue?
- USD/SGD and USD/THB are facing key resistance as momentum is fading
- USD/IDR eyeing a bearish Rising Wedge, USD/PHP still remains neutral
Singapore Dollar Technical Outlook
The US Dollar closed at its highest against the Singapore Dollar since the end of 2020 this past week. Still, USD/SGD was unable to break above a series of upper wicks left behind throughout the end of November. This leaves the pairs facing the critical 1.3693 – 1.3743 resistance zone as negative RSI divergence shows that upside momentum is fading. This can at times precede a turn lower. Such an outcome could place the focus on the 20-period Simple Moving Average (SMA) for support. Uptrend resumption exposes the September 2020 high at 1.3794.
USD/SGD Daily Chart
Thai Baht Technical Outlook
The US Dollar is back to revisiting September highs against the Thai Baht in the aftermath of a bullish Morning Star candlestick pattern. However, prices have left behind a neutral Doji candlestick just under the key 33.861 – 34.000 resistance zone. This is a sign of indecision that is being accompanied by negative RSI divergence. As such, USD/THB could turn lower here, facing the rising trendline from February which is maintaining the broader uptrend. Otherwise, a breakout above the key resistance zone exposes the July 2017 high at 34.149. Above that is the 61.8% Fibonacci extension at 34.398.
USD/THB Daily Chart
Indonesian Rupiah Technical Outlook
The US Dollar closed at its highest against the Indonesian Rupiah since late August. Prices have also touched the ceiling of a bearish Rising Wedge chart formation. This is as negative RSI divergence warns of a possible turn lower. If USD/IDR remains within the boundaries of the wedge, the pair may see cautious upside consolidation in the coming days. Otherwise, a breakout lower could mean the resumption of losses from July through October. On the other hand, breaking above the wedge would invalidate the formation, exposing the 14465 inflection point towards the July high.
USD/IDR Daily Chart
Philippine Peso Technical Outlook
The US Dollar continues to broadly consolidate against the Philippine Peso, with USD/PHP oscillating around the 100-day Simple Moving Average. The line may maintain an upside focus, with a breakout lower opening the door to extending losses. However, in such an event, a rising trendline from June could still keep prices tilted higher down the road. If not, the key 49.54 – 49.67 support zone could come into play. To the upside, the 51.095 – 51.320 resistance zone remains pivotal. This area has been in play since July.
USD/PHP Daily Chart
–— Written by Daniel Dubrovsky, Strategist for DailyFX.com
To contact Daniel, use the comments section below or @ddubrovskyFX on Twitter