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US Dollar bounces on key trend lines and support: USD / SGD, USD / THB, USD / IDR, USD / PHP


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

  • Falling US dollar slows against ASEAN currencies as prices rebound
  • USD / SGD the next step up? USD / THB Adheres to Bullish Trendline
  • USD / IDR is trading in the ascending channel, USD / PHP still in the range

Singapore Dollar Technical Outlook

The US dollar halted its recent weakness against the Singapore dollar, with USD / SGD adhering to its mostly consolidated statement since March. Prices tested an upward support range from June and the upper bound of 1.3381 – 1.3419 support area. It also followed a rebound in the 200-day simple moving average, which has flattened since the start of the year. The extension of gains could see prices push above the 1.3474-1.3502 inflection range, opening the door to testing a lower resistance zone from July. Otherwise, a break below immediate support exposes the 78.6% Fibonacci retracement at 1.3298.

USD / SGD Daily Chart

Chart created in TradingView

Thai Baht Technical Outlook

The US dollar has been in a short-term downtrend against the Thai baht since late September. But, the USD / THB could prepare to stage its next part of the dominant uptrend since February. The pair bounced off an uptrend line from June, leaving behind support at 32.974. Climbing above the 33.324 – 33.526 inflection zone, which consists of 2018 peaks, exposes the current 2021 high at 34,000. Otherwise, a fall and fall below the uptrend line exposes by the continued August low at 32.196.

USD / THB Daily Chart

US Dollar bounces on key trend lines and support: USD / SGD, USD / THB, USD / IDR, USD / PHP

Chart created in TradingView

Indonesian Rupiah Technical Outlook

The US dollar continues to trade lower against the Indonesian rupiah in a descending channel since July. Prices recently rebounded off the zone bottom, leaving behind key support at 14075. This leaves USD / IDR potentially facing the channel ceiling as it nears the 14190 – 14223 inflection zone A bearish Death Cross remains between the 50 and 100 day simple moving averages, providing a broader technical downside bias. The clearing of the upward channel exposes the 14309 inflection point. Otherwise, the resumption of the downtrend could put emphasis on 14012 on the chart below.

USD / IDR Daily Chart

US Dollar bounces on key trend lines and support: USD / SGD, USD / THB, USD / IDR, USD / PHP

Chart created in TradingView

Philippine Peso Technical Outlook

The US Dollar continues to consolidate against the Philippine Peso, with USD / PHP hovering between the 49.54 – 49.67 support area and the 51.09 – 51.32 resistance area. Lately, the 50-day SMA has held steady as key support with the 100-day line rapidly approaching from the bottom. The compensating resistance exhibits the 61.8% Fibonacci extension at 51.73. On the downside, a confirmatory close below the 23.6% Fibonacci extension at 50.37 could open the door to a revision of the floor from 49.54 to 49.67.

USD / PHP Daily Chart

US Dollar bounces on key trend lines and support: USD / SGD, USD / THB, USD / IDR, USD / PHP

Chart created in TradingView

– Written by Daniel Dubrovsky, Strategist for DailyFX.com

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

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