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

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

Daniel Dubrovsky, Strategist

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

  • US Dollar may consolidate with downside bias against SGD
  • USD/THB may be readying to rise but USD/IDR may decline
  • USD/PHP eyeing lows set back in December - will they hold?

Singapore Dollar Technical Outlook

The US Dollar continues to consolidate against the Singapore Dollar. Having said that, USD/SGD does appear to have a slight downward bias. A bearish crossover between the 20-day and 50-day Simple Moving Averages (SMAs) seems to hint at near-term losses. The pair was unable to pierce above the 1.3375 – 1.3389 inflection zone as the 50-day SMA held as resistance. Resuming the dominant downtrend entails a drop through the 1.3158 – 1.3189 support zone. Guiding the pair lower seems to be a potential trendline from March.

USD/SGD Daily Chart

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

Chart Created in TradingView

Thai Baht Technical Outlook

The US Dollar may be preparing to push higher against the Thai Baht. USD/THB pushed above a Descending Triangle chart pattern, hinting at the resumption of the uptrend that guided the pair higher from February lows. Still, the Greenback will have to push above key zones of resistance. These include a falling trendline from July, and current 2021 highs. This is as the 50-day SMA seems to be guiding the pair to the upside. Otherwise, falling through triangle support exposes the 30.80 – 30.86 inflection zone.

USD/THB Daily Chart

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

Chart Created in TradingView

Indonesian Rupiah Technical Outlook

The US Dollar extended declines against the Indonesian Rupiah, with USD/IDR playing out the bearish implications of a Rising Wedge chart pattern. A bearish crossover between the 20-day and 50-day SMAs also hints at near-term weakness. Immediate support seems to be the 61.8% Fibonacci retracement level at 14167. A drop under that point could open the door to revisiting February lows. Otherwise, a bounce may place the focus on the SMAs, which could reinforce the downside focus.

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 Analysis: USD/SGD, USD/THB, USD/IDR, USD/PHP

Chart Created in TradingView

Philippine Peso Technical Outlook

The US Dollar is consolidating against the Philippine Peso within a familiar zone of resistance. USD/PHP is eyeing the key 47.6780 – 47.8670 range that was established back in December. It prevented the dominant downtrend from resuming, which has its beginnings in 2018. Now, positive RSI divergence does show that downside momentum is fading. This can at times precede a turn higher. Such an outcome may place the focus on the SMAs, those may then reorient the direction back lower.

USD/PHP Daily Chart

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

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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