US Dollar, USD/SGD, USD/THB, USD/PHP, USD/IDR – ASEAN Technical Analysis
- US Dollar saw mixed performance against ASEAN currencies
- USD/SGD still consolidating, USD/THB could turn higher next
- USD/IDR at risk of further losses, USD/PHP may trade lower
Singapore Dollar Technical Outlook
The US Dollar remains in a consolidative state against the Singapore Dollar, albeit with a slight downward bias. USD/SGD recently bounced off key horizontal support between 1.3158 and 1.3189. This also followed positive RSI divergence, a sign of fading downward momentum. The 20- and 50-day Simple Moving Averages (SMAs) continue to uphold a downward trajectory, especially after the two lines formed a bearish ‘Death Cross’ back in April. The latter may push the pair to retest key support ahead.
USD/SGD Daily Chart
Thai Baht Technical Outlook
The Thai Baht is fast approaching the floor of a bullish Cup and Handle chart pattern. A bounce off support could send USD/THB higher towards the ceiling of the handle. Such an outcome would likely keep the chart pattern in play. This is as the 100-day SMA approaches from below. Positive RSI divergence is also warning that prices may turn higher next.
USD/THB Daily Chart
Indonesian Rupiah Technical Outlook
The US Dollar could be at risk to the Indonesian Rupiah. USD/IDR confirmed a break under rising support from February. This is as the downside implications of a bearish Rising Wedge remain in play, as well as a ‘Death Cross’ between the 20-day and 50-day SMAs. A drop through key support at 14195 may open the door to extending April’s top. Such an outcome could see the pair aim for the 13872 – 14012 support zone.
For updates on ASEAN currencies as they break key technical levels, be sure to follow me on Twitter @ddubrovskyFX.
USD/IDR Daily Chart
Philippine Peso Technical Outlook
The Philippine Peso continues to outperform against the US Dollar, albeit at a very slow and steady pace. USD/PHP has been struggling to confirm the break under the 47.6780 – 47.8670 support zone. Positive RSI divergence is showing that downside momentum is fading. But, the 20-day and 50-day SMAs continue to favor a downside technical bias. A drop through the 123.6% Fibonacci extension at 47.5795 may open the door to further losses.
USD/PHP Daily Chart
--- 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/USDPHP/?exchange=FX_IDC
