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US Dollar Analysis for the Week Ahead: USD/SGD, USD/THB, USD/IDR, USD/PHP

US Dollar Analysis for the Week Ahead: USD/SGD, USD/THB, USD/IDR, USD/PHP

Daniel Dubrovsky, Strategist

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

  • US Dollar’s broader uptrend against ASEAN FX continues to hold
  • USD/SGD eyeing bullish crossover, USD/THB stalling at 2018 highs?
  • USD/PHP wedge breakout still in play, USD/IDR facing key trendline

Singapore Dollar Technical Outlook

The US Dollar faces its next setback against the Singapore Dollar, with USD/SGD pulling back at the end of last week. But, the broader trend remains tilted to the upside. This followed a bullish crossover between the 50- and 100-day Simple Moving Averages (SMAs), indicating a potential broader upside shift in the pair. Resuming the near-term downtrend entails clearing the 1.3476 – 1.3502 support zone. This range could hold, opening the door to a bounce back towards peaks from July.

USD/SGD Daily Chart

US Dollar Analysis for the Week Ahead: USD/SGD, USD/THB, USD/IDR, USD/PHP

Chart Created in TradingView

Thai Baht Technical Outlook

The US Dollar continues to face its next critical test against the Thai Baht in order to resume the dominant uptrend. USD/THB is eyeing peaks from 2018, making for a key zone of resistance between 33.324 and 33.526. A bullish crossover remains in play between the 20- and 50-day SMAs, offering an upside tilt. Clearing the 2018 peak exposes the 150% Fibonacci extension at 33.812. A drop through the 20-day SMA on the other hand could open the door to a broader drop towards the 50-day line.

USD/THB Daily Chart

US Dollar Analysis for the Week Ahead: USD/SGD, USD/THB, USD/IDR, USD/PHP

Chart Created in TradingView

Philippine Peso Technical Outlook

The US Dollar is attempting to resume its broader uptrend against the Philippine Peso after USD/PHP broke above a bullish Falling Wedge chart pattern. While some momentum appears to be fading, a Golden Cross between the 20- and 50-day SMAs continues to offer an upside bias. A drop under the former line could open the door to a drop to the latter. Otherwise, shooting past the 50.93 – 51.09 resistance zone exposes the midpoint of the Fibonacci extension at 51.315.

USD/PHP Daily Chart

US Dollar Analysis for the Week Ahead: USD/SGD, USD/THB, USD/IDR, USD/PHP

Chart Created in TradingView

Indonesian Rupiah Technical Outlook

The US Dollar’s overall progress against the Indonesian Rupiah since February has been noticeably slowing. USD/IDR is facing conflicting technical cues. On the one hand, rising support from February seems to be maintaining the focus to the upside. On the other hand, a bearish crossover between the 20- and 50-day SMAs could be on the horizon. Falling under the trendline could open the door to extending losses from July towards lows from May. Otherwise, bouncing off rising support could place the focus on key resistance at 14560.

USD/IDR Daily Chart

US Dollar Analysis for the Week Ahead: 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

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

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