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US Dollar Outlook: Has the Trend Finally Reversed? USD/SGD, USD/THB, USD/PHP, USD/IDR

US Dollar Outlook: Has the Trend Finally Reversed? USD/SGD, USD/THB, USD/PHP, USD/IDR

Daniel Dubrovsky, Senior Strategist

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

  • The US Dollar is pushing for an aggressive comeback against ASEAN currencies
  • USD/SGD may be on the verge of breaking a Rectangle, USD/THB eyeing 2020 peaks?
  • USD/PHP shot higher, clearing key resistance points. USD/IDR relatively tame for now
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Singapore Dollar Technical Outlook

The US Dollar may be on the verge of extending gains against the Singapore Dollar after USD/SGD closed at its highest since November. Prices are eyeing the ceiling of a Rectangle Chart formation, with resistance as the 1.3530 – 1.3506 zone. This also follows a bullish crossover between the 20-day and 50-day Simple Moving Averages (SMAs). Still, negative RSI divergence is persisting. That shows upside momentum is fading, which can precede a turn lower. If that occurs, the floor of the rectangle could be targeted as consolidation resumes. Otherwise, prices may aim for their highest since early November.

USD/SGD Daily Chart

USD/SGD Daily Chart

Chart Created in TradingView

Thai Baht Technical Outlook

The US Dollar extended gains against the Thai Baht quite aggressively over the past month. This followed the bullish implications of a Cup and Handle chart pattern noted earlier in June. USD/THB is now trading at its highest since April 2020, pushing upward in the aftermath of a bullish crossover between the 20- and 50-day SMAs. Prices closed above the 78.6% Fibonacci extension at 32.4928. That has exposed peaks from 2020, creating a zone of resistance between 33.0640 and 33.1880 when prices topped in the aftermath of the global coronavirus outbreak.

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USD/THB Daily Chart

USD/THB Daily Chart

Chart Created in TradingView

Philippine Peso Technical Outlook

The US Dollar also extended aggressive gains against the Philippine Peso over the past month. This has brought USD/PHP to its highest since June 2020 in the aftermath of breaking above a Rectangle chart pattern. Immediate resistance seems to be the June 12th, 2020 high at 51.415. Clearing this price would subsequently expose the 50.88 – 51.03 resistance zone. Otherwise, a turn lower may place the focus on rising support from last month, as well as the 20- and 50-day SMAs.

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USD/PHP Daily Chart

USD/PHP Daily Chart

Chart Created in TradingView

Indonesian Rupiah Technical Outlook

The US Dollar is also attempting to extend gains against the Indonesian Rupiah since June, but USD/IDR’s upside progress has been relatively mute recently. USD/IDR paused gains on the 14525 – 14563 inflection zone. Still, a bullish crossover between the 20- and 50-day SMAs hint that the near-term bias may be tilted upward. Breaching the inflection zone exposes peaks from April. Otherwise, a turn lower and drop through the near-term SMAs may place the focus on a potential rising trendline from February.

USD/IDR Daily Chart

USD/IDR Daily Chart

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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