News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site. See our updated Privacy Policy here.

0

Notifications

Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
Subscribe
Please try again
More View more
US Dollar Outlook: Down but Not Out. USD/SGD, USD/THB, USD/IDR, USD/PHP

US Dollar Outlook: Down but Not Out. USD/SGD, USD/THB, USD/IDR, USD/PHP

Daniel Dubrovsky, Strategist

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

  • US Dollar has retreated against ASEAN FX, but losses have been cautious
  • USD/SGD and USD/THB broader uptrends are still in play for time being
  • USD/IDR remains within Rising Wedge, USD/PHP breakout looming?

Singapore Dollar Technical Outlook

The US Dollar retreated cautiously against the Singapore Dollar this past week after USD/SGD rejected the key 1.3743 – 1.3693 resistance zone. This also followed negative RSI divergence, which showed that upside momentum was fading. Still, the broader uptrend since June remains intact, outlined via a rising trendline from then below. Immediate support seems to be the 1.3607 – 1.3631 support zone, where a breakout lower exposes the trendline. Resuming the uptrend entails clearing resistance towards 1.3794, which is the September 2020 high.

USD/SGD Daily Chart

US Dollar Outlook: Down but Not Out. USD/SGD, USD/THB, USD/IDR, USD/PHP

Chart Created in TradingView

Thai Baht Technical Outlook

The US Dollar has also been on the back foot against the Thai Baht. USD/THB turned lower last week after failing to clear the key 34.000 – 33.861 resistance zone. This left the pair testing the 33.324 – 33.526 inflection zone, which has its beginnings from peaks in 2018. A bullish crossover recently occurred between the 20- and 50-day Simple Moving Averages (SMAs), offering an upward technical bias. Moreover, a rising trendline from February is still in play. Resuming the uptrend entails clearing resistance, exposing the July 2017 high at 34.149.

USD/THB Daily Chart

US Dollar Outlook: Down but Not Out. USD/SGD, USD/THB, USD/IDR, USD/PHP

Chart Created in TradingView

Indonesian Rupiah Technical Outlook

The US Dollar also lost some ground to the Indonesian Rupiah as of late, but USD/IDR remains trading within the boundaries of a bearish Rising Wedge chart formation. Prices may remain tilted upward within the wedge, but a breakout under it could open the door to resuming the June – October downtrend. Still, a bullish crossover between the 20- and 50-period SMAs remains in play, and these lines will come quickly into focus in the event of a wedge breakout lower. Extending the uptrend since October could see prices face the 14465 inflection point.

USD/IDR Daily Chart

US Dollar Outlook: Down but Not Out. USD/SGD, USD/THB, USD/IDR, USD/PHP

Chart Created in TradingView

Philippine Peso Technical Outlook

The US Dollar continues to range against the Philippine Peso, but USD/PHP may be running out of room to consolidate. The pair is now closely wedged between a rising trendline from June, and a falling zone of resistance from September. Clearing rising support and the 14.6% minor Fibonacci extension at 50.0583 exposes the 49.54 – 49.67 support zone. On the flipside, clearing falling resistance exposes the November peak at 50.79 towards the critical 51.32 – 51.09 resistance zone.

USD/PHP Daily Chart

US Dollar Outlook: Down but Not Out. 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.

DISCLOSURES