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US Dollar Analysis, Looking Vulnerable: USD/SGD, USD/THB, USD/IDR, USD/PHP

US Dollar Analysis, Looking Vulnerable: USD/SGD, USD/THB, USD/IDR, USD/PHP

Daniel Dubrovsky, Contributing Senior Strategist

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

  • US Dollar is looking vulnerable against ASEAN currencies
  • USD/SGD took out key inflection zone, USD/THB topping?
  • USD/IDR eyes Rising Wedge, USD/PHP to key support zone
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Singapore Dollar Technical Outlook

The US Dollar could be vulnerable to the Singapore Dollar. USD/SGD recently confirmed a break under the 1.3375 – 1.3389 inflection zone, also taking out the 50-day Simple Moving Average. That has placed the focus on the 100-day SMA which if taken out, could open the door to revisiting the 1.3158 – 1.3189 support zone. Having said that, there was a bullish crossover between these moving averages. A bounce and push back above the inflection zone exposes near-term falling resistance from March.

USD/SGD Daily Chart

USD/SGD Daily Chart

Chart Created in TradingView

Thai Baht Technical Outlook

The US Dollar may also be at risk to the Thai Baht. USD/THB recently left behind a Shooting Star candlestick pattern. When these appear at tops, it is often a sign of indecision. Subsequent downside closes could open the door to a reversal. That appears to have been set in motion here, especially after the presence of negative RSI divergence. While the pair took out the 20-day SMA, another confirmatory close under could open the door to a broader pullback, perhaps one that takes USD/THB to the 50-day SMA. Getting there does involve taking out the 38.2% Fibonacci retracement at 31.0633.

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USD/THB Daily Chart

USD/THB Daily Chart

Chart Created in TradingView

Indonesian Rupiah Technical Outlook

The US Dollar appears to be trading within a bearish Rising Wedge against the Indonesian Rupiah. If USD/IDR manages to break under the wedge, with confirmation, that may open the door to a near-term pullback. However. The pair did take out the 14525 – 14563 inflection zone, exposing peaks from August 2020. Negative RSI divergence does warn that a turn lower may be in the cards. A material pullback could open the door to testing the 50-day SMA. It could reinstate the focus to the upside.

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

Philippine Peso Technical Outlook

The US Dollar remains in a fairly consolidate state against the Philippine Peso. Having said that, USD/PHP is once against pressuring the key 48.35 – 48.40 support zone. A break under the 50-day SMA may also be confirmed, opening the door to revisiting lows from earlier this year. That would place the focus on the 47.67 – 47.86 support zone. Otherwise, a bounce could open the door to retesting the key 48.82 – 48.99 resistance zone.

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USD/PHP Daily Chart

USD/PHP 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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