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

US Dollar is 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

  • The US Dollar is back on the offensive against ASEAN currencies
  • Breakouts are in focus for USD/SGD, USD/IDR and USD/PHP
  • Flirting with achieving a breakout is USD/THB, but watch RSI

Singapore Dollar Technical Outlook – Slightly Bullish

The US Dollar is on the offensive against the Singapore Dollar after USD/SGD was unable to hold a breakout under the 50-day Simple Moving Average (SMA). A bullish Golden Cross remains in play with it and the 100-day equivalent. That is placing the focus on May highs (1.3962 – 1.3986). Getting there involves clearing immediate resistance. The latter appears to be the 38.2% Fibonacci extension at 1.3881. Clearing May highs would expose the 61.8% level at 1.4017 before the 78.6% point nears at 1.4115.

USD/SGD Daily Chart

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

Chart Created in TradingView

Thai Baht Technical Outlook – Neutral

The US Dollar is also back on the offensive against the Thai Baht, with USD/THB sitting at the familiar 34.759 – 34.850 resistance zone. Negative RSI divergence is present, which does show that upside momentum is fading. This can at times precede a turn lower, which would place the focus back on the 50-day SMA. Clearing the latter opens the door to revisiting the 33.861 – 34.000 inflection zone. Otherwise, clearing resistance opens the door to facing the 38.2% and midpoint Fibonacci extensions at 35.1 and 35.426 respectively.

USD/THB Daily Chart

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

Chart Created in TradingView

Indonesian RupiahTechnical Outlook – Slightly Bullish

The US Dollar is also pushing higher against the Indonesian Rupiah. USD/IDR confirmed a breakout above a near-term falling trendline from May. That is opening the door to extending gains. Immediate resistance appears to be the 38.2% Fibonacci extension at 14594. Rising above the latter could open the door to revisiting the May high at 14730. Otherwise, turning back lower would place the focus on key support which seems to be the 14402 – 14438 inflection zone.

USD/IDR Daily Chart

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

Chart Created in TradingView

Philippine Peso Technical Outlook – Slightly Bullish

The US Dollar is also aiming higher against the Philippine Peso, with USD/PHP now flirting with confirming a breakout above the ceiling of a Rising Wedge that has its beginnings from last year. This may be an increasingly bullish sign for the pair. Immediate resistance seems to be the 78.6% Fibonacci extension at 53.307 before the 100% level comes into play at 53.890. Turning back lower and inside the Rising Wedge would place the focus on the floor, which is helping maintain a broader upside focus.

USD/PHP Daily Chart

US Dollar is 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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