USD/SGD Weakness Eyed. Will USD/THB, USD/IDR, USD/PHP Follow?

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

  • US Dollar faces combined outlook towards ASEAN currencies
  • USD/SGD wanting bearish as costs take out key trendline
  • USD/THB, USD/IDR and USD/PHP stay pretty impartial

Singapore DollarTechnical Outlook – Bearish

The US Dollar appears more and more susceptible to the Singapore Dollar, with USD/SGD taking out a rising trendline from September. Still, affirmation of the breakout is missing. Further losses place the give attention to speedy help, which appears to be the 1.33812 – 1.3419 zone. A bearish Death Cross between the 20- and 50-day Simple Moving Averages (SMA) can be in play, warning at additional losses. However, optimistic RSI divergence does present that draw back momentum is fading. The latter can precede a flip greater. Broadly talking, that is leaving the Singapore Dollar in a consolidative state since March 2021.

USD/SGD Daily Chart

Chart Created in TradingView

Thai Baht Technical Outlook – Neutral

The US Dollar has fared barely higher towards the Thai Baht than the Singapore Dollar. A rising trendline from the start of 2021 continues to uphold USD/THB’s dominant uptrend. Prices are as soon as once more testing the trendline, with speedy help at 33.134. A breakout decrease exposes the 32.974 inflection level in addition to the 200-day SMA. Adhering to the trendline opens the door to extra consolidation since July 2021, putting the give attention to key resistance which appears to be the 33.861 – 34.000 zone.

USD/THB Daily Chart

US Dollar Outlook: USD/SGD Weakness Eyed. Will USD/THB, USD/IDR, USD/PHP Follow?

Chart Created in TradingView

Indonesian Rupiah Technical Outlook – Neutral

The US Dollar stays in a broadly consolidative setting towards the Indonesian Rupiah. USD/IDR just lately turned decrease after testing a falling trendline from April. That has left the pair going through a possible near-term rising help line from October. Clearing the latter exposes the 14190 – 14223 inflection zone. Subsequently closing below this vary then exposes the October low at 14075. On the opposite hand, taking out the falling trendline may open the door to a cloth flip greater, putting the give attention to the December excessive at 14438. Above the latter sits the 14465 inflection level.

USD/IDR Daily Chart

US Dollar Outlook: USD/SGD Weakness Eyed. Will USD/THB, USD/IDR, USD/PHP Follow?

Chart Created in TradingView

Philippine Peso Technical Outlook – Neutral

The US Dollar stays in a near-term uptrend towards the Philippine Peso. Zooming out nevertheless, USD/PHP stays in a consolidative setting since July 2021. Prices struggled to pierce via the 51.442 – 51.095 resistance zone, forsaking a Bearish Engulfing candlestick sample. An extra draw back shut might verify the sample, opening the door to a flip decrease. That might then place the give attention to the 200-day SMA down the highway. On the flip aspect, taking out resistance exposes the 61.8% Fibonacci extension at 51.7339.

USD/PHP Daily Chart

US Dollar Outlook: USD/SGD Weakness Eyed. Will USD/THB, USD/IDR, USD/PHP Follow?

Chart Created in TradingView

— Written by Daniel Dubrovsky, Strategist for DailyFX.com

To contact Daniel, use the feedback part beneath or @ddubrovskyFX on Twitter

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