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US Dollar Technical Outlook: USD/SGD, USD/THB Ready to Rise? Will USD/IDR, USD/PHP Follow?

US Dollar Technical Outlook: USD/SGD, USD/THB Ready to Rise? Will USD/IDR, USD/PHP Follow?

Daniel Dubrovsky, Strategist

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

  • US Dollar pushed higher against a few ASEAN currencies
  • USD/SGD and USD/THB could be readying to extend gains
  • USD/IDR and USD/PHP remain in a broadly neutral setting

Singapore Dollar Technical Outlook

The US Dollar extended gains against the Singapore Dollar this past week. USD/SGD’s advance has resulted in the pair taking out a near-term falling trendline from July. Meanwhile, a rising range of support from May seems to be maintaining the broader upside focus. Still, confirmation of the breakout is lacking as prices face the September high at 1.3631. Moreover, the pair remains in a consolidative state with the 1.3655 – 1.3693 resistance zone still intact. The latter may tame upside progress, opening the door to a turn lower. Otherwise, the September 2020 high at 1.3794 will be exposed.

USD/SGD Daily Chart

US Dollar Technical Outlook: USD/SGD, USD/THB Ready to Rise? Will USD/IDR, USD/PHP Follow?

Chart Created in TradingView

Thai Baht Technical Outlook

The US Dollar may be readying to reverse higher against the Thai Baht. USD/THB has left behind a bullish Morning Star candlestick pattern, though its confirmation is lacking. But, the pair simultaneously adhered to a rising trendline from February. The latter could maintain the dominant uptrend. Still, a bearish Death Cross between the 20- and 50-day Simple Moving Averages (SMAs) remains in play, offering a near-term downward technical bias. Bouncing off the trendline and above the SMAs may open the door to a retest of 2018 peaks. Otherwise, extending losses could hint at a broader downward technical outlook.

USD/THB Daily Chart

US Dollar Technical Outlook: USD/SGD, USD/THB Ready to Rise? Will USD/IDR, USD/PHP Follow?

Chart Created in TradingView

Indonesian Rupiah Technical Outlook

The US Dollar is facing mixed signals against the Indonesian Rupiah. On one hand, a bullish Golden Cross just formed between the 20- and 50-day SMAs. On the other hand, the 100-day line seems to be maintaining a broader downside technical bias. With that in mind, the 14223 – 14190 inflection zone could be key to watch in the coming days. A push higher from here and clearing the October peak at 14370 may hint at a broader uptrend ensuing. Otherwise, breaking under the inflection zone exposes the October low at 14075.

USD/IDR Daily Chart

US Dollar Technical Outlook: USD/SGD, USD/THB Ready to Rise? Will USD/IDR, USD/PHP Follow?

Chart Created in TradingView

Philippine Peso Technical Outlook

The US Dollar pushed cautiously higher against the Philippine Peso this past week, but USD/PHP remains in a broadly consolidative state. Key support appears to be the 49.54 – 49.67 zone with resistance above between 51.09 and 51.32. Clearing the 50-day line may open the door to facing resistance once more. This is as the 200-day line slowly creeps higher, approaching the critical support zone. USD/PHP could remain in a neutral setting as prices oscillate between these established ranges.

USD/PHP Daily Chart

US Dollar Technical Outlook: USD/SGD, USD/THB Ready to Rise? Will USD/IDR, USD/PHP Follow?

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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