Will Gains Continue? USD/SGD, USD/THB, USD/IDR, USD/PHP

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

• US Dollar rises against ASEAN currencies, will gains continue?
• USD / SGD and USD / THB face key resistance as momentum fades
• USD / IDR watching bearish Rising Wedge, USD / PHP still remains neutral

Singapore Dollar Technical Outlook

The US Dollar closed higher against the Singapore Dollar since the end of 2020 this past week. However, USD / SGD could not break above a series of top wicks left behind during the end of November. This leaves the pair facing the critical 1.3693 – 1.3743 resistance zone as a negative RSI divergence shows that upper momentum is fading. This can sometimes lead to a lower turn. Such a result could put the focus on the 20-period Simple Moving Average (SMA) for support. A resumption of uptrend exposes the September 2020 high at 1.3794.

USD / SGD Day Chart

Diagram Created in TradingView

Taj Baht Technical Perspective

The US dollar has returned to revising September highs against the Thai baht after the bullish morning star candle pattern. However, prices left neutral Doji candlestick just below the key 33,861 – 34,000 resistance zone. This is a sign of indecision that is accompanied by a negative RSI divergence. As such, USD / THB could decline here, facing the February uptrend, which supports the broader uptrend. Otherwise, a break above the key resistance zone exposes the July 2017 high at 34,149. Above that is the 61.8% Fibonacci extension at 34.398.

Daily USD / THB Chart

Diagram Created in TradingView

Technical Perspective of Indonesian Rupiah

The US dollar closed higher against the Indonesian rupiah since late August. Prices also hit the bearish ceiling Rising Wedge diagram formation. This is how a negative RSI divergence warns of a possible lower turnaround. If USD / IDR remains within the limits of the wedge, the pair may see cautious further consolidation in the coming days. Otherwise, a lower break could mean the resumption of losses from July to October. On the other hand, breaking above the wedge would invalidate the formation, exposing the 14465-prone point to the July high.

USD / IDR Day Chart

Diagram Created in TradingView

Technical Perspective of Philippine Peso

The US Dollar continues to consolidate broadly against the Philippine Peso, with USD / PHP hovering around the 100-day Simple Moving Average. The line can maintain an upper focus, with a lower break opening the door to extending losses. However, in such an event, June’s rising trend could still keep prices tilted higher along the way. Otherwise, the key 49.54 – 49.67 support zone could enter. At the top, the 51,095 – 51,320 resistance zone remains pivotal. This area has been in play since July.

Daily USD / PHP Chart

Diagram Created in TradingView

–– Written by Daniel Dubrovsky, Strategist by DailyFX.com

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