USD Dollar Outlook, Momentum Fading? USD/SGD, USD/THB, USD/IDR, USD/PHP
US Dollar, USD/SGD, USD/THB, USD/PHP, USD/IDR – ASEAN Technical Analysis
- The US Dollar’s momentum against ASEAN currencies slowed
- USD/SGD approaching key resistance, USD/THB could climb
- USD/IDR attempting to extend gains, USD/PHP consolidating
Singapore Dollar Technical Outlook
The US Dollar paused its advance against the Singapore Dollar this past week, with USD/SGD remaining in a fairly consolidative state since the beginning of this year. Recently, a bullish crossover emerged between the 20-day and 50-day Simple Moving Averages (SMAs). These could come into play as key support in the event of a material turn lower. Extending gains may place the focus on the 1.3504 – 1.3530 resistance zone.
USD/SGD Daily Chart
Thai Baht Technical Outlook
The US Dollar extended gains against the Thai Baht, with USD/THB breaking above a bullish Cup and Handle chart pattern, as anticipated. Prices are testing the July 2020 high at 31.858. Confirming a push above this price could open the door to resuming the pair’s advance, as implied by the Cup and Handle. That may place the focus on the 78.6% Fibonacci retracement at 32.452.
USD/THB Daily Chart
Indonesian Rupiah Technical Outlook
The US Dollar’s upward momentum against the Indonesian Rupiah has also slowed. USD/IDR has bounced off key support at 14195, with the 20-day and 50-day SMAs on the verge of forming a bullish crossover. That could imply an upward near-term bias to come, perhaps opening the door to revisiting the April peak. Otherwise, resuming losses from then entails a drop through the May low.
USD/IDR Daily Chart
Philippine Peso Technical Outlook
The US Dollar struggled to extend recent gains against the Philippine Peso. USD/PHP struggled to push into the familiar 48.823 – 48.990 resistance zone that has been in play since October. Prices have largely remained in a consolidative state since then. Still, a bullish crossover between the 20-day and 50-day SMAs could entail a cautiously upward bias to come.
USD/PHP Daily Chart
--- 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.