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US Dollar Outlook: Back on the Offensive? USD/SGD, USD/THB, USD/IDR, USD/PHP

US Dollar Outlook: Back on the Offensive? 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, back on the offense, faces next tests against ASEAN FX
  • USD/SGD eyes Death Cross, will it hold? USD/THB faces trendline
  • USD/IDR wedge breakout reverses, USD/PHP struggling at resistance

Singapore Dollar Technical Outlook

The US Dollar is on the offensive against the Singapore Dollar following weakness in the last month of 2021. USD/SGD faces its next key test, a bearish Death Cross between the 20- and 50-day Simple Moving Averages seems likely on the horizon as immediate resistance. A turn lower on the lines could hint at resuming losses since December. Such an outcome may place the focus on a rising trendline from September as well as the key 1.3474 – 1.3502 inflection zone. Clearing the SMAs exposes the 1.3607 – 1.3607 inflection zone towards the 2021 high at 1.3743.

USD/SGD Daily Chart

US Dollar Outlook: Back on the Offensive? USD/SGD, USD/THB, USD/IDR, USD/PHP

Chart Created in TradingView

Thai Baht Technical Outlook

The US Dollar could be readying to reverse higher against the Thai Baht. USD/THB is idling above rising support from early 2021 following losses since December. Adhering to the broader uptrend may see the pair focus back on the 33.324 – 33.526 inflection zone. Subsequently clearing that range would expose the 33.861 – 34.000 resistance zone. On the other hand, a breakout under rising support may place the focus on the 32.974 inflection point before the 200-day SMA comes into focus. The latter could yet maintain the broader upside focus before the November lows come into play at 32.562.

USD/THB Daily Chart

US Dollar Outlook: Back on the Offensive? USD/SGD, USD/THB, USD/IDR, USD/PHP

Chart Created in TradingView

Indonesian Rupiah Technical Outlook

The US Dollar is attempting to regain upside momentum against the Indonesian Rupiah after USD/IDR broke under a bearish Rising Wedge chart formation. The pair is on the verge of forming a bullish Golden Cross between the 20- and 50-day SMAs. The latter may spell a near-term upward bias, but such an outcome would have to face the falling trendline from April and then the November high at 14438. Clearing the latter could open the door to extending losses towards peaks from July. On the other hand, a turn back lower places the focus on the 14190 – 14223 inflection zone.

USD/IDR Daily Chart

US Dollar Outlook: Back on the Offensive? USD/SGD, USD/THB, USD/IDR, USD/PHP

Chart Created in TradingView

Philippine Peso Technical Outlook

Following gains in late December, the US Dollar faces its next key test against the Philippine Peso. USD/PHP has thus far rejected the key 51.095 – 51.320 resistance zone, leaving behind large upper wicks. The latter can be viewed as indecision. Immediate support seems to be the 50.79 inflection point, followed by the 23.6% Fibonacci extension level at 50.3778. Clearing resistance exposes the 61.8% level at 51.7339, followed by the 78.6% point at 52.330.

USD/PHP Daily Chart

US Dollar Outlook: Back on the Offensive? 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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