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US Dollar Analysis, Gains Continue: USD/SGD, USD/THB, USD/PHP, USD/IDR

US Dollar Analysis, Gains Continue: 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 continues to push higher against ASEAN currencies
  • USD/SGD pushing above key resistance, USD/THB eying 2020 high?
  • USD/PHP nearing highs from April 2020 as USD/IDR consolidates

Singapore Dollar Technical Outlook

The US Dollar is struggling to hold a push above the key 1.3506 – 1.3530 resistance zone, which would be the ceiling of a Rectangle chart pattern. Negative RSI divergence does show that upside momentum is fading, which can at times precede a turn lower. Still, a bullish crossover may soon occur between the 50-day and 200-day Simple Moving Averages (SMAs), offering a broader bullish technical backdrop. Further gains may place the focus on highs from October.

USD/SGD Daily Chart

USD/SGD Daily Chart

Chart Created in TradingView

Thai Baht Technical Outlook

The US Dollar continues to push higher against the Thai Baht in the aftermath of breaking above a bullish Cup and Handle chart pattern. USD/THB has also pushed above the 78.6% Fibonacci extension at 32.4928, exposing the 100% level at 32.89. A bullish crossover between the 20-day and 50-day SMA continue to point towards a near-term upside technical bias. This may place the pair closer to peaks from last year.

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USD/THB Daily Chart

USD/THB Daily Chart

Chart Created in TradingView

Philippine Peso Technical Outlook

The US Dollar continues to makes upside progress against the Philippine Peso, with USD/PHP extending June’s bottom. Prices are now testing the June 12th, 2020 high at 50.415. Clearing this point would then expose the key 50.88 – 51.03 resistance zone as prices aim to reverse the prior dominant downtrend. A turn lower would have some ways to go before reaching the 20-day SMA which could act as key support.

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USD/PHP Daily Chart

USD/PHP Daily Chart

Chart Created in TradingView

Indonesian Rupiah Technical Outlook

The US Dollar continues to consolidate against the Indonesian Rupiah, with USD/IDR idling between resistance and support at 14560 and 14465 respectively. A bullish crossover between the near-term 20-day and 50-day SMAs are still offering an upside bias. Potential rising support from February could also kick in to maintain the uptrend in the event of prolonged losses. Further gains exposes the April high.

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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