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US Dollar Technical Outlook: USD/SGD, USD/PHP, USD/THB, USD/IDR

US Dollar Technical Outlook: USD/SGD, USD/PHP, USD/THB, USD/IDR

Daniel Dubrovsky, Strategist

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

  • US Dollar gave up most gains against ASEAN currencies this past week
  • USD/SGD eyeing a Golden Cross, USD/PHP struggles at 2020 highs
  • USD/THB trendline breakout falls short, USD/IDR remains ranging

Singapore Dollar Technical Outlook – Neutral

The US Dollar weakened against the Singapore Dollar last week as USD/SGD struggled to find further upside momentum after breaking a falling trendline from December. A bullish Golden Cross recently formed between the 20- and 50-day Simple Moving Averages, offering an upside technical signal. Falling under the latter may open the door to extending losses towards the 1.3381 – 1.3419 support zone. Otherwise, a turn higher on the SMA may see the pair revisit November peaks.

USD/SGD Daily Chart

US Dollar Technical Outlook: USD/SGD, USD/PHP, USD/THB, USD/IDR

Chart Created in TradingView

Philippine Peso Technical Outlook – Neutral

The US Dollar held its footing against the Philippine Peso last week, but at the same time, USD/PHP was unable to find further upside momentum. Prices are idling around the 2020 high at 52.14. Negative RSI divergence does show that upside momentum is fading. This can at times precede a turn lower. Such an outcome would likely place the focus on the 50-day SMA, where the line could reinstate the dominant upside focus. Upside resumption places the focus on the August 2019 peak at 52.80.

USD/PHP Daily Chart

US Dollar Technical Outlook: USD/SGD, USD/PHP, USD/THB, USD/IDR

Chart Created in TradingView

Thai Baht Technical Outlook – Neutral

The US Dollar gave up some of its gains against the Thai Baht to wrap up last week. USD/THB seemed to have left behind a key zone of resistance between 33.572 – 33.463 as it struggled to confirm a break above a falling trendline from November. Below, a bullish Golden Cross between the 20- and 50-day SMA may form. Keep a close eye on these SMAs, if they break, the outlook may shift increasingly bearish. On the other hand, confirming a break above resistance exposes the 33.861 – 34.000 range from September.

USD/THB Daily Chart

US Dollar Technical Outlook: USD/SGD, USD/PHP, USD/THB, USD/IDR

Chart Created in TradingView

Indonesian Rupiah Technical Outlook - Neutral

The US Dollar continues to mark time against the Indonesian Rupiah, with USD/IDR remaining in a mostly consolidative state. In fact, the pair remains around similar levels seen back in 2015. Key support seems to be a rising trendline from November. Confirming a breakout under the latter may open the door to revisiting the October low at 14075. Above sits the 14370 – 14402 resistance zone before the December peak at 14438 comes into play.

USD/IDR Daily Chart

US Dollar Technical Outlook: USD/SGD, USD/PHP, USD/THB, USD/IDR

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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