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US Dollar Forecast: USD/IDR Breakout Eyed. Will USD/SGD, USD/THB, USD/PHP Follow?

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

  • US Dollar continues to hold ground against ASEAN currencies
  • USD/SGD eyeing key trendlines, USD/IDR clears falling channel
  • USD/THB dominant uptrend in focus, USD/PHP consolidates

Singapore Dollar Technical Outlook

The US Dollar continues to consolidate against the Singapore Dollar after USD/SGD bounced off the 200-day Simple Moving Average. This has left the pair in a more neutral setting since prices turned lower after testing falling resistance from July. A rising trendline from June also seems to be pressuring the pair to the upside. This may leave USD/SGD in a consolidative state until the pair is able to break above or below the trendlines. To the downside, watch the 1.3381 – 1.3419 support zone. Clearing this range exposes the 78.6% Fibonacci extension at 1.3298. To the upside, extending gains exposes the 1.3655 – 1.3693 zone.

USD/SGD Daily Chart

US Dollar Forecast: USD/IDR Breakout Eyed. Will USD/SGD, USD/THB, USD/PHP Follow?

Chart Created in TradingView

Indonesian Rupiah Technical Outlook

The US Dollar is breaking higher against the Indonesian Rupiah following months of depreciation. USD/IDR cleared a falling channel from July, confirming the breakout in subsequent trading sessions. That has left it facing the 14309 inflection point from August. Immediately above that is the 100-day SMA, which may act as key resistance. Taking out that line would expose the 14465 inflection point from July as the pair targets the June peak at 14560. Otherwise, resuming the downtrend may see prices test the 14190 – 14223 inflection zone, with the October low below at 14075.

USD/IDR Daily Chart

US Dollar Forecast: USD/IDR Breakout Eyed. Will USD/SGD, USD/THB, USD/PHP Follow?

Chart Created in TradingView

Thai Baht Technical Outlook

The US Dollar remains in a dominant uptrend against the Thai Baht, with rising support from June maintaining the broader upside focus. Should USD/THB push above the 33.324 – 33.526 inflection zone, that would expose the September peak at 34 before targeting the July 2017 high above at 34.149. To the downside, a breakout under the October low at 32.974 would expose a potential rising trendline from February. That may then maintain the dominant uptrend. Otherwise, August lows would be exposed at 32.196.

USD/THB Daily Chart

US Dollar Forecast: USD/IDR Breakout Eyed. Will USD/SGD, USD/THB, USD/PHP Follow?

Chart Created in TradingView

Philippine Peso Technical Outlook

The US Dollar continues hold a familiar ranging pattern against the Philippine Peso as prices oscillate above key support at 50.3778. The latter is the 23.6% Fibonacci extension. The 50- and 100-day SMAs continue to uphold a broader upside technical bias. Clearing the latter exposes the key 49.67 – 49.54 support zone. To the upside, the 51.095 – 51.320 resistance zone remains as a prevalent technical barrier to overcome. Clearing the latter would expose the 61.8% Fibonacci extension at 51.7339.

USD/PHP Daily Chart

US Dollar Forecast: USD/IDR Breakout Eyed. Will USD/SGD, USD/THB, USD/PHP Follow?

Chart Created in TradingView

— Written by Daniel Dubrovsky, Strategist for DailyFX.com

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