US Dollar, USD/SGD, USD/IDR, USD/PHP, USD/THB – ASEAN Technical Analysis
- US Dollar continues to lose floor, tumbling towards ASEAN FX
- USD/SGD, USD/PHP drop most in a month going again to 2016
- USD/THB noticed the trade fee weaken most since 1998
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Singapore Dollar Technical Outlook – Bullish
The Singapore Dollar prolonged its advance towards the US Dollar final week. In November, USD/SGD sank 3.84%. That was the most effective efficiency for SGD since March 2016. Where does this go away the pair heading into the brand new week? Keep an in depth eye on the 1.3511 – 1.3552 help zone. A confirmatory draw back breakout would open the door to extending the downtrend, exposing lows from September 2021. In the occasion of a flip greater, preserve an in depth eye on the 20-day Simple Moving Average (SMA). This may reinstate the draw back focus.
USD/SGD Daily Chart
Indonesian Rupiah Technical Outlook – Bullish
The US Dollar additionally weakened towards the Indonesian Rupiah, sending USD/IDR down 1.57% final week. That was the worst 5-day interval since November 2020. Moreover, the pair broke beneath the 50-day SMA, opening the door to an more and more draw back bias forward. Keep an in depth eye on the 20-day SMA, it may cross beneath the 50, making a bearish Death Cross. Immediate help is the 38.2% Fibonacci retracement stage at 15348. Further losses would expose the midpoint of the retracement at 15219. In the occasion of a flip greater, a push above the 23.6% stage at 15508 would place the deal with the November excessive at 15768.
USD/IDR Daily Chart
Philippine Peso Technical Outlook – Bullish
The US Dollar can be rapidly dropping its upside progress earned earlier this yr towards the Philippine Peso. USD/PHP fell 2.77% in November, the worst month since March 2016. This has left USD/PHP dealing with August lows, making for a key zone of help between 55.10 and 55.41. This could be difficult to clear, however doing so would provide an more and more bullish outlook for PHP, exposing the 61.8% Fibonacci retracement stage at 54.236. In the occasion of a flip greater, key resistance might be the 56.503 inflection level earlier than the 20-day SMA comes into focus.
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USD/PHP Daily Chart
Thai Baht Technical Outlook – Bullish
The US Dollar can be rapidly dropping floor towards the Thai Baht, with USD/THB sinking 7.63% in November. That was the worst month since March 1998! Heading into the brand new week, USD/THB is dealing with the May low at 33.994. In the occasion of a flip greater, key resistance might be the 35.052 inflection level. Beyond that the 20-day SMA would probably rapidly comply with, providing a chance to take care of the dominant draw back focus.
USD/THB Daily Chart
— Written by Daniel Dubrovsky, Senior Strategist for DailyFX.com
To contact Daniel, comply with him on Twitter:@ddubrovskyFX
