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US Dollar Outlook: What is the Road Ahead for USD/SGD, USD/THB, USD/IDR, USD/PHP?

US Dollar Outlook: What is the Road Ahead for 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 struggling to find clear direction against most ASEAN FX
  • USD/SGD downside momentum fading, USD/THB ready to extend drop?
  • USD/IDR and USD/PHP remain in a broadly consolidative state

Singapore Dollar Technical Outlook – Neutral

Following a volatile week, the US Dollar ended cautiously higher against the Singapore Dollar. The pair remains in a near-term downtrend since November. There are a couple of warning signs that downside momentum is fading. The first is positive RSI divergence and the second is prices struggling to pierce the 1.3381 – 1.3419 support zone. Still, a bearish Death Cross remains in play between the 20- and 50-day Simple Moving Averages. Clearing the former exposes the latter towards the late January high. Downtrend resumption would expose the 1.3381 – 1.3419 support zone.

USD/SGD Daily Chart

US Dollar Outlook: What is the Road Ahead for USD/SGD, USD/THB, USD/IDR, USD/PHP?

Chart Created in TradingView

Thai Baht Technical Outlook – Slightly Bearish

The US Dollar remained lower against the Thai Baht this past week, are further losses in store for USD/THB? Prices did leave behind a Hammer candlestick pattern, which is a sign of indecision. Upside follow-through could hint at a turn higher to come. The pair remains below a long-term rising trendline from early 2021, which could portray further losses down the road. USD/THB is also on the verge of confirming a breakout under the long-term 200-day SMA. Clearing support at 32.562 opens the door to testing the August low at 32.196.

USD/THB Daily Chart

US Dollar Outlook: What is the Road Ahead for USD/SGD, USD/THB, USD/IDR, USD/PHP?

Chart Created in TradingView

Indonesian Rupiah Technical Outlook - Neutral

The US Dollar continues to consolidate against the Indonesian Rupiah. USD/IDR struggled to push above a long-term falling trendline from April 2021. This is as near-term rising support from October is guiding prices upward. The pair is running out of room to consolidate between these trendlines, and the direction of the breakout could hint at the next trend to come. Key support is at 14295 before the 14190 – 14223 inflection zone comes into play. To the upside, the November peak is at 14438 before the 14465 inflection point comes into play.

USD/IDR Daily Chart

US Dollar Outlook: What is the Road Ahead for USD/SGD, USD/THB, USD/IDR, USD/PHP?

Chart Created in TradingView

Philippine Peso Technical Outlook - Neutral

The US Dollar remains in a consolidative state against the Philippine Peso as USD/PHP struggles to clear the 51.095 – 51.442 resistance zone. Prices recently left behind a Doji candlestick pattern, which is a sign of indecision. This is as negative RSI divergence continues to persist, showing fading upside momentum. A turn lower would place the focus on the 50-day SMA, which could maintain an upside posture. Clearing the resistance zone, on the other hand, exposes the 61.8% Fibonacci extension at 51.7339 before the March 2020 high at 52.140 comes into play.

USD/PHP Daily Chart

US Dollar Outlook: What is the Road Ahead for 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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