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US Dollar Reversal Losing Momentum? USD/SGD, USD/PHP, USD/THB, USD/IDR

US Dollar Reversal Losing Momentum? 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 seeing mixed price action following gains vs. ASEAN FX
  • USD/SGD eyeing 200-day SMA, USD/PHP may rise after pennant
  • USD/THB looks most poised to rise, USD/IDR momentum fading
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Singapore Dollar Technical Outlook

The Singapore Dollar continues to trade in a congestive zone between 1.3527 and 1.3389 against the US Dollar. This follows USD/SGD pushing above the falling zone of resistance from June, opening the door to reversing the dominant downtrend after bottoming in February. Now, the 200-day Simple Moving Average is fast approaching and it may reinstate the focus to the downside. Otherwise, pushing above 1.3525 exposes peaks from November.

USD/SGD Daily Chart

USD/SGD Daily Chart

Chart Created in TradingView

Philippine Peso Technical Outlook

The US Dollar could be getting ready to resume its push higher against the Philippine Peso after USD/PHP appeared to bottom in February. The pair seems to be trading within a bullish Pennant chart pattern. A break above the ceiling of the pennant could open the door to revisiting the 48.82 – 48.99 resistance zone for a chance to resume the near-term uptrend. However, prices are also consolidating around the 200-day SMA as USD/PHP struggles to overturn what has been the dominant downtrend since last year.

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USD/PHP Daily Chart

USD/PHP Daily Chart

Chart Created in TradingView

Thai Baht Technical Outlook

The US Dollar seems to have overturned its dominant downtrend against the Thai Baht. USD/THB has now pushed above falling resistance from April, subsequently confirming a breakout above the 200-day SMA. The pair is now eyeing the 38.2% Fibonacci retracement at 31.0615. But, negative RSI divergence does show that upside momentum is fading. This might precede a turn lower, placing the focus on near-term rising support from February. The latter could reinstate the upside focus towards the midpoint of the retracement at 31.466.

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USD/THB Daily Chart

USD/THB Daily Chart

Chart Created in TradingView

Indonesian Rupiah Technical Outlook

The US Dollar is struggling to make further upside progress against the Indonesian Rupiah. While USD/IDR has extended February’s bottom, prices broke under near-term rising support from then. Meanwhile, the pair is consolidating around the 200-day SMA. Now, negative RSI divergence warns that a turn lower could be in store. Such an outcome may place the focus on the 14280 inflection point. Otherwise, breaching the 14563 – 14525 inflection zone would expose peaks from September.

For updates on ASEAN currencies as they break key technical levels, be sure to follow me on Twitter @ddubrovskyFX.

USD/IDR Daily Chart

USD/IDR Daily Chart

Chart Created in TradingView

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

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

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

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