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

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

Daniel Dubrovsky, Strategist

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

  • US Dollar remains fairly quiet against most ASEAN FX
  • USD/SGD range trading in focus, USD/THB may climb
  • USD/PHP eyeing triangle, USD/IDR momentum fading
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Singapore Dollar Technical Outlook

The US Dollar continues to struggle in making further upside progress against the Singapore Dollar despite USD/SGD pushing above a falling zone of resistance from May. The pair has been consolidating between the 1.3527 – 1.3504 and 1.3375 – 1.3389 inflection zones. Still, the 200-day Simple Moving Average (SMA) could maintain the dominant downside focus as it behaves as critical resistance. Pushing above this could open the door to revisiting peaks from October. Otherwise, clearing immediate support exposes current 2021 lows.

USD/SGD Daily Chart

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

Chart Created in TradingView

Thai Baht Technical Outlook

The US Dollar closed at its highest against the Thai Baht since early October. USD/THB extended gains after a bullish crossover occurred between the 200-day and 20-day SMAs, as expected. In addition, the October 23rd high has been taken out at 31.336, exposing the 31.64 inflection point that consists of August and September highs – see chart below. While that has opened the door to further gains, negative RSI divergence shows that upside momentum is fading. That may precede a turn lower, placing the focus on the 20-day SMA.

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USD/THB Daily Chart

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

Chart Created in TradingView

Philippine Peso Technical Outlook

The US Dollar is attempting to push above what appears to be a Descending Triangle chart pattern against the Philippine Peso. This could hint at further USD/PHP gains ahead. But, the true test of this will likely come from the 48.82 – 48.99 resistance zone. Clearing this area could open the door to revisiting levels from July. Still, prices are staying very close to the 200-day SMA with key support below at 48.35 – 48.40. Breaking under this zone exposes lows from February.

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USD/PHP Daily Chart

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

Chart Created in TradingView

Indonesian Rupiah Technical Outlook

The US Dollar continues to consolidate against the Indonesian Rupiah as USD/IDR idles just under the key 14525 – 14563 inflection zone. The 200-day and 20-day SMAs are also acting as key support. Negative RSI divergence does warn that a turn lower could be in store. In addition, the Bank of Indonesia’s close eye on the exchange rate likely means more aggressive intervention should the currency weaken further. The central bank views IDR as being undervalued at this moment. A turn lower places the focus on lows from February.

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/THB, USD/PHP, 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

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

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