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

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

Daniel Dubrovsky, Strategist

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

  • US Dollar continues to consolidate against most ASEAN FX
  • USD/SGD still eyeing 200-day SMA, USD/PHP faces triangle
  • USD/THB may extend gains, USD/IDR losing upside momentum
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Singapore Dollar Technical Outlook

The Singapore Dollar continues to consolidate against the US Dollar as USD/SGD struggles to confirm a push above a falling zone of resistance from June. Prices are oscillating between the 1.3504 – 1.3527 inflection zone and the 1.3389 inflection point. The 200-day Simple Moving Average (SMA) is now just above current price action for a key point of resistance and it may reinstate the dominant downside focus. Otherwise, a push higher may pave the way to revisit peaks from October.

USD/SGD Daily Chart

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

Chart Created in TradingView

Philippine Peso Technical Outlook

The Philippine Peso appears to be trading within a Descending Triangle against the US Dollar. The direction of the breakout could be key for preceding the next key move in USD/PHP. For the time being, the 200-day SMA seems to be maintaining the dominant downside focus. But, below the 50-day SMA is fast approaching from below which could maintain the near-term upside bias. A break below it could open the door to revisiting February lows. Otherwise, pushing above the 48.82 – 48.99 resistance zone exposes the 49.31 inflection point.

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USD/PHP Daily Chart

USD/PHP

Chart Created in TradingView

Thai Baht Technical Outlook

The US Dollar continues its aggressive upward push against the Thai Baht, particularly after USD/THB managed to confirm a breakout above the 200-day SMA. There has since been a bullish crossover between that and the near-term 20-day SMA, opening the door to further upside potential. Prices are facing the October 23rd high at 31.332, where a push above exposes the midpoint of the Fibonacci retracement at 31.466. Beyond that sits peaks from August and September of last year.

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USD/THB Daily Chart

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

Chart Created in TradingView

Indonesian Rupiah Technical Outlook

The US Dollar continues to struggle at making further progress against the Indonesian Rupiah as USD/IDR consolidates above the 200-day SMA. Immediately above is the key 14525 – 14563 inflection zone, where a push higher exposes highs from September 2020. Negative RSI divergence does show that upside momentum is fading, That can precede a turn lower. In such an outcome, keep an eye on the near-term 20-day SMA as key support. It looks poised to cross above the 200-day SMA.

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

USD/IDR Daily Chart

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

Chart Created in TradingView

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

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

https://www.tradingview.com/symbols/USDIDR/?exchange=FX_IDC

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

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