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US Dollar Technical Forecast: USD/SGD, USD/PHP, USD/IDR, USD/THB May Reverse

US Dollar Technical Forecast: USD/SGD, USD/PHP, USD/IDR, USD/THB May Reverse

Daniel Dubrovsky, Contributor

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

  • US Dollar showing more signs of downside exhaustion against ASEAN FX
  • USD/SGD and USD/PHP are eyeing Morning Star & Hammer, respectively
  • USD/IDR facing a Symmetrical Triangle, USD/PHP momentum is fading

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Singapore Dollar Technical Outlook – Neutral

The US Dollar may be readying to turn higher against the Singapore Dollar. While USD/SGD has been setting lower lows as of late, RSI has not. That has been creating positive divergence, which is a sign of fading downside momentum that can at time precedes a turn higher. Meanwhile, the bullish Morning Star candlestick pattern has emerged. Upside follow-through, especially if a close is seen above the 20-day Simple Moving Average (SMA), could open the door to extending gains. Otherwise, key support is the 1.3409 – 1.3381 range below.

USD/SGD Daily Chart

USD/SGD Daily Chart

Chart Created in TradingView

Philippine Peso Technical Outlook – Neutral

The US Dollar may also be readying to reverse against the Philippine Peso. Recent lower lows in USD/PHP have been met with positive RSI divergence as well. Meanwhile, in early December, the pair left behind a Hammer candlestick. That was a sign of indecision as divergence emerged. Since then, there has been cautious upside follow-through. Still, prices remain below the 20-day SMA. The latter could reinstate the downside focus. Otherwise, clearing higher opens the door to reversing upward. If not, taking out the 55.41 – 55.10 support zone exposes the 61.8% Fibonacci retracement level at 54.236.

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USD/PHP Daily Chart

USD/PHP Daily Chart

Chart Created in TradingView

Indonesian Rupiah Technical Outlook – Neutral

The US Dollar may be readying to make a key move against the Indonesian Rupiah. USD/IDR appears to be consolidating within the boundaries of a Symmetrical Triangle chart formation since late November. The pattern itself is typically neutral and what matters more tends to be the direction of the breakout. A push upward would expose the current 2022 high at 15768. Otherwise, a breakout downward opens the door to testing the 100-day SMA. The latter could reinstate the dominant upside focus.

USD/IDR Daily Chart

USD/IDR Daily Chart

Chart Created in TradingView

Thai Baht Technical Outlook – Neutral

The US Dollar may also be showing some restraint against the Thai Baht. Following a series of lower lows and lower highs in USD/THB, positive RSI divergence is now present. But, prices remain under the 20- and 50-day SMAs, which are maintaining the current downside focus. A breakout above the 20-day SMA could be an early sign that the currency pair is readying to reverse higher. But, such conviction is lacking at the time of publishing. Clearing immediate support at 34.49 exposes the May low at 33.99.

USD/THB Daily Chart

USD/THB 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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