US Dollar Rise Builds Steam, Breakouts in Focus: USD/SGD, USD/THB, USD/PHP, USD/IDR

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US Dollar, USD / SGD, USD / THB, USD / PHP, USD / IDR – ASEAN Technical Analysis

  • The US Dollar continues to hover against most ASEAN currencies
  • USD / SGD looks at 2021 highs, USD / THB nearing July 2017 peak
  • USD / PHP breaks a key triangle, USD / IDR remains modest

Singapore Dollar Technical Outlook

The US dollar continues to rise against the Singapore Dollar after USD / SGD rebounded in early September. This lets the currency pair face the next key technical test to resume gains since the beginning of this year. That would be the 1.3655 – 1.3693 resistance zone, which contains July and August highs. Clearing this range exposes the November high at 1.3713. Pay attention to the 20- and 50-day Simple Moving Averages (SMA). Altitude crossover can occur, emphasizing upper technical bias.

Daily USD / SGD Chart

US Dollar Rise Builds Steam, Focuses: USD / SGD, USD / THB, USD / PHP, USD / IDR

Diagram Created in TradingView

Thailand Baht Technical Perspective

The US dollar has soared against the Thai baht in recent days, pushing USD / THB to push 2018 highs. This has created a key resistance zone between 33,324 and 33,526. Since then, the pair has confirmed the boom, opening the door to extend the upward trend since the end of 2020. Prices are fast approaching the July 2017 high at 34,149. Pushing above this price exposes the 100% Fibonacci extension at 34,653. Higher guide prices appear to be a near-term upward trend from the end of August. Meanwhile, a bullish cross between the 20- and 50-day SMAs further underscores a bullish technical bias.

Daily USD / THB Chart

US Dollar Growth Builds Steam, Focuses: USD / SGD, USD / THB, USD / PHP, USD / IDR

Diagram Created in TradingView

Philippine Weight Technical Perspective

The U.S. dollar has recently advanced to its highest against the Philippine peso since April 2020. USD / PHP has also confirmed a break above forming a Down Triangle chart. This could suggest that gains from June to early July may resume a course. Meanwhile, a bullish crossover between the 20- and 50-day SMAs further underscores a bullish technical bias. However, it has just formed Ursa Harami candelabra warns to proceed with caution. A near-term turn lower could see the pair test the near-term SMAs. An uptrend resumption exhibits the 61.8% Fibonacci extension at 51.98.

Daily USD / PHP Chart

US Dollar Rise Builds Steam, Focuses: USD / SGD, USD / THB, USD / PHP, USD / IDR

Diagram Created the the IG Business Platform

Technical Perspective on Indonesian Rupiah

The US dollar remains fairly stagnant against the Indonesian rupiah. While USD / IDR has not climbed compared to the other ASEAN pairs mentioned in this article, it has not fallen either. Key support remains as the zone 14190 – 14223. Prices could not push forward on 4 Augustth low at 14309, which seems to function as an inflection point. However USD / IDR outperformed the 20-day SMA, albeit unconvincingly. Eyes are on the 50-day line to see if there can be any sequel. Pushing over the latter may open the door to retesting August peaks. Otherwise, a low restart has the 100% Fibonacci extension focused at 14105.

Daily USD / IDR Chart

US Dollar Rise Builds Steam, Focuses: USD / SGD, USD / THB, USD / PHP, USD / IDR

Diagram Created in TradingView

– Written by Daniel Dubrovsky, Strategist by DailyFX.com

To contact Daniel, use the comments section below or @ddubrovskyFX on Twitter



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