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US Dollar Momentum Continues Fading: USD/SGD, USD/PHP, USD/THB, USD/IDR

US Dollar Momentum Continues Fading: USD/SGD, USD/PHP, USD/THB, USD/IDR

Daniel Dubrovsky, Senior Strategist

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

  • US Dollar mostly weakened against ASEAN currencies last week
  • Meaningful progress was absent in most pairs excluding USD/PHP
  • Broader uptrends remain in USD/THB, USD/IDR. USD/SGD biased lower

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Singapore Dollar Technical Outlook – Slightly Bullish

The Singapore Dollar extended its advance against the US Dollar this past week, with USD/SGD touching levels last seen in the middle of September. The pair was unable to hold a breakout under the 1.4107 – 1.4061 inflection zone as the 100-day Simple Moving Average (SMA) held. A confirmatory breakout under the latter could reinforce a bullish prerogative for the Singapore Dollar. That exposes the 61.8% Fibonacci retracement level at 1.3981 towards the August low.

USD/SGD Daily Chart

USD/SGD Daily Chart

Chart Created in TradingView

Philippine Peso Technical Outlook – Bullish

The Philippine Peso some strong gains against the US Dollar this past week. USD/PHP sank 1.44%, marking the best 5-day gain since February 2016. This is offering a bullish bias for PHP. Keep a close eye on the 50-day SMA. It held as support and there is a chance it could maintain the upside focus. Such an outcome places the focus back on October highs. Otherwise, a breakout under the 50-day SMA exposes the 100-day line, which could maintain a broader upside trajectory.

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USD/PHP Daily Chart

USD/PHP Daily Chart

Chart Created in TradingView

Thai Baht Technical Outlook – Neutral

The Thai Baht aimed slightly higher against the US Dollar this past week. Still, progress was rather lackluster. The rising zone of support from August held, maintaining the upside focus. As such, USD/THB may turn higher in the coming days and face the October high once again. The latter sits just under the June 2006 peak at 38.61. A downside breakout under the trendline opens the door to a bullish outlook for the Thai Baht, placing the focus on the 36.738 – 36.949 inflection zone.

USD/THB Daily Chart

USD/THB Daily Chart

Chart Created in TradingView

Indonesian Rupiah Technical Outlook – Slightly Bearish

The Indonesian Rupiah aimed cautiously higher against the US Dollar this past week, but progress was lackluster. USD/IDR’s broader uptrend remains intact, with prices still sitting above both the 20- and 50-day SMAs. Keep a close eye on these points in the event of further progress for IDR. Resuming the uptrend would place the focus back on the 78.6% Fibonacci extension level at 15663.

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USD/IDR Daily Chart

USD/IDR Daily Chart

Chart Created in TradingView

--- Written by Daniel Dubrovsky, Senior Strategist for DailyFX.com

To contact Daniel, follow him on Twitter:@ddubrovskyFX

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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