US dollar, USD / SGD, USD / THB, USD / PHP, USD / IDR – ASEAN technical analysis
Singapore dollar technical outlook
The US dollar may then become increasingly vulnerable to the Singapore dollar USD/ SGD broke the bear under the floor Double top scheduling. This has opened the door to widening the short-term downward trend from the June to the lows. Prices also took out the 50-day moving average (SMA), but the 100-day line has remained the same. However, the latter may maintain a dominant upward focus from June. Otherwise, deleting the line may increase the likelihood of prolonging the downward trend.
USD / SGD daily schedule
Technical outlook for Thai Baht
The US dollar will lose its material place to the Thai baht. August was the worst month for the USD / THB since November 2020, with the 2.45% decline of the previous week being the most aggressive 5-day decline since July 2018. Prices have excluded both 20- and 50-day SMAs. This showed a potentially upward trend from February onwards. In the event of further losses, the pair may fall towards this line. If confirmed, the pair could turn higher, continuing the upward trend since the beginning of this year.
USD / THB daily schedule
Philippine peso technical outlook
The US dollar is facing the next key against the Philippine peso. USD / PHP failed to break the Double Top chart pattern recently. This forms a key support zone between 49.67 and 49.84. Turning the zone lower for re-testing and emptying it may open the door to the material that turns lower. Such a result may focus on a 100-day SMA. Otherwise, the pair may return to the peak of August again, extending the bounce off the neckline.
USD / PHP daily schedule
The chart has been created the IG Trading Platform
Technical outlook for the Indonesian rupiah
The US dollar also seems vulnerable to the Indonesian rupiah. USD / IDR confirmed that support will increase from February. Meanwhile, there was a severe “death cross” between 20- and 50-day SMAs, highlighting the near-term decline. Immediate support appears to be the midpoint of the Fibonacci extension at 14,258, the lowest level in May was just below 14,195. At higher turns, watch closely for SMAs that may act as new resistance.
USD / IDR daily schedule
–– Written by Daniel Dubrovsky, Strategist For DailyFX.com
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