US Dollar, USD/THB, USD/IDR, USD/PHP, USD/SGD – ASEAN Technical Analysis
- The US Dollar mostly extended gains against ASEAN currencies
- The Thai Baht, Indonesian Rupiah and Philippine Peso are at risk
- Singapore Dollar is putting up more of a fight, will resistance break?
Thai Baht Technical Outlook – Bullish
The US Dollar roared higher against the Thai Baht last week, with USD/THB pushing its highest rate since March 2017. Moreover, the pair took out the critical 34.759 – 34.850 resistance zone, placing the focus on the midpoint of the Fibonacci extension at 35.426 next. Further gains would subsequently expose the 61.8% and 78.5% extensions at 35.751 and 36.215 respectively. Otherwise, a turn lower could see the 50-day Simple Moving Average hold as support.
USD/THB Daily Chart
Indonesian RupiahTechnical Outlook – Bullish
The US Dollar also gained against the Indonesian Rupiah, extending gains since late May. USD/IDR confirmed a breakout above the May high at 14730. Now, the pair is fast approaching highs from September 2020. The latter makes for a key zone of resistance between 14915 and 14975. In the event of a turn lower, the 20- and 50-period SMAs could hold as key support, maintaining the broader focus to the upside.
USD/IDR Daily Chart
Philippine Peso Technical Outlook – Bullish
The US Dollar appreciated against the Philippine Peso last week, extending gains since early April. Immediate resistance appears to be the 100% Fibonacci extension at 53.89. Beyond the latter is the 2018 high at 54.43. Should prices turn lower, immediate support appears to be the 78.6% Fibonacci extension at 53.307. Under that are the 20- and 50-period SMAs. The latter could hold as support, continuing the broader upside bias.
USD/PHP Daily Chart
Singapore Dollar Technical Outlook – Slightly Bullish
The US Dollar consolidated against the Singapore Dollar last week. USD/SGD rejected the 1.3946 – 1.3986 resistance zone, pivoting lower. However, the pair was unable to get far. A bullish Golden Cross remains in play between the 50- and 100-day SMAs, offering an upside technical bias. Clearing resistance would offer a stronger bullish bias, placing the focus on the 61.8% Fibonacci extension at 1.4017. Otherwise, extending losses would bring the pair closer to the May low at 1.3660.
USD/SGD Daily Chart
–— Written by Daniel Dubrovsky, Strategist for DailyFX.com
To contact Daniel, use the comments section below or @ddubrovskyFX on Twitter