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

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

Daniel Dubrovsky, Strategist

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

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

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

Chart Created in TradingView

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

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

Chart Created in TradingView

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

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

Chart Created in TradingView

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

US Dollar Technical Outlook: 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

https://www.tradingview.com/symbols/USDPHP/?exchange=FX_IDC

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

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