US Dollar, USD/SGD, USD/PHP, USD/THB, USD/IDR – ASEAN Technical Analysis
- The US Dollar weakened in opposition to ASEAN currencies this previous week
- USD/SGD, USD/PHP and USD/THB might be poised for extra losses
- USD/IDR is comparatively holding up, regulate a key transferring common
Singapore Dollar Technical Outlook – Bearish
The US Dollar noticed its worst 2-week efficiency in opposition to the Singapore Dollar since September 2020. This introduced USD/SGD to its lowest since early June after breaking beneath the near-term rising trendline from May. Now, costs are testing the 100-day Simple Moving Average (SMA) after the pair left behind a Long-Legged Doji candlestick sample. This is an indication of indecision. Further upside positive factors might spell a turning level. But evidently the development is pointing decrease. Subsequent help appears to be the 78.6% Fibonacci retracement at 1.3753 earlier than the May low at 1.3660 comes into play.
USD/SGD Daily Chart
Philippine Peso Technical Outlook – Bearish
The US Dollar fell 1.65% in opposition to the Philippine Peso over the previous 2 weeks. That was the worst 10-day end result since May 2020, organising for extra losses forward. This adopted the emergence of a Bearish Engulfing candlestick sample – as anticipated. USD/PHP confirmed a breakout beneath the 20-day SMA, exposing the 50-day line. Getting to the latter entails clearing fast help, which is the 23.6% Fibonacci retracement at 55.2627. Uptrend resumption entails a pivot and subsequent breakout above the 2005 excessive at 56.61.
USD/PHP Daily Chart
Thai Baht Technical Outlook – Slightly Bearish
The US Dollar additionally slipped in opposition to the Thai Baht this previous week. USD/THB fell 0.82%, marking the worst 5-day efficiency since May. Prices closed beneath the 20-day SMA after a Shooting Star candlestick sample emerged. Follow-through is missing. Subsequent losses might open the door to extending the drop, providing a stronger bearish conviction. Such an end result would place the concentrate on the 50-day SMA. Otherwise, uptrend resumption entails an in depth above 36.949.
USD/THB Daily Chart
Indonesian Rupiah Technical Outlook – Neutral
The US Dollar cautiously weakened in opposition to the Indonesian Rupiah this previous week. USD/IDR closed beneath the 20-day SMA, however follow-through seems to be considerably missing. An extra draw back shut might open the door to extending losses, putting the concentrate on the 50-day SMA. Otherwise, key resistance above seems to be highs from September 2020. Resuming the uptrend would expose the 138.2% Fibonacci extension at 15039 earlier than 15092 comes into focus.
USD/IDR Daily Chart
–— Written by Daniel Dubrovsky, Strategist for DailyFX.com
To contact Daniel, use the feedback part under or @ddubrovskyFX on Twitter