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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![USD Forecast](https://a.c-dn.net/b/2o6KQV/500x707Forecast-USD.png)
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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](https://a.c-dn.net/b/3Bt0Iw/US-Dollar-Outlook-The-Trend-That-Finally-Reversed-USDSGD-USDTHB-USDPHP-USDIDR_body_Picture_3.png)
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](https://a.c-dn.net/b/3fnyOx/US-Dollar-Outlook-The-Trend-That-Finally-Reversed-USDSGD-USDTHB-USDPHP-USDIDR_body_Picture_4.png)
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](https://a.c-dn.net/b/0MZ9IW/US-Dollar-Outlook-The-Trend-That-Finally-Reversed-USDSGD-USDTHB-USDPHP-USDIDR_body_Picture_10.png)
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](https://a.c-dn.net/b/3lsTqO/US-Dollar-Outlook-The-Trend-That-Finally-Reversed-USDSGD-USDTHB-USDPHP-USDIDR_body_Picture_9.png)
--- Written by Daniel Dubrovsky, Strategist for DailyFX.com
To contact Daniel, use the comments section below or @ddubrovskyFX on Twitter