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

US Dollar Technical Forecast: 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 resumed decline against ASEAN currencies this past week
  • USD/SGD eyeing early 2021 low, USD/THB may bounce on key SMA
  • USD/IDR faces early May trough, will USD/PHP set new 2021 lows?

Singapore Dollar Technical Outlook

The US Dollar extended losses against the Singapore Dollar, with USD/SGD closing at its lowest since late February on the daily chart below. Prices also took out the 78.6% Fibonacci retracement level at 1.3238, exposing the 1.3158 – 1.3238 support zone. However, positive RSI divergence shows that downside momentum is fading, warning that a turn higher could be in store. Such an outcome may place the focus on the 20- and 50-day Simple Moving Averages (SMAs). The latter may reinstate a downside bias.

USD/SGD Daily Chart

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

Chart Created in TradingView

Thai Baht Technical Outlook

USD/THB continues to brew a bullish Cup and Handle chart pattern. Prices continue consolidating within the handle, defined by a falling channel on the daily chart below. The Thai Baht is now facing the 50-day SMA which may act as support and push the pair back towards the ceiling of the handle. A breakout above the pattern could open the door to resuming the former uptrend that occurred in March. Such an outcome may open the door to revisiting the July high. Otherwise, eyes will be on the May low.

USD/THB Daily Chart

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

Chart Created in TradingView

Indonesian Rupiah Technical Outlook

The US Dollar resumed its decline against the Indonesian Rupiah, with USD/IDR turning lower just under the 50-day SMA. A bearish crossover that occurred with the 20-day SMA earlier in May signaled that the bias likely tilted lower. The pair is also playing out the downside implications of a Rising Wedge after breaking under one in April. Eyes are on the May low, taking it out may open the door to visiting current 2021 lows. Otherwise, a bounce may put the 50-day SMA back into 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 Forecast: USD/SGD, USD/THB, USD/IDR, USD/PHP

Chart Created in TradingView

Philippine Peso Technical Outlook

USD/PHP is facing the outer boundary of the key 47.6780 – 47.8670 support zone, with the pair on the cusp of setting new lows for this year. However, positive RSI divergence is present, warning that a turn higher may be in store. Such an outcome may place the focus on the 20-day SMA, which may reinstate the downside focus. Resuming February’s top would expose the 123.6% Fibonacci extension level at 47.5795. Beyond that is the 138.2% point at 47.4678.

USD/PHP Daily Chart

US Dollar Technical Forecast: 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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