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US Dollar Broader Uptrend Teeters on Edge: USD/SGD, USD/THB, USD/IDR, USD/PHP

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

  • US Dollar losing ground to ASEAN currencies as most make a comeback
  • USD/SGD trading within a Symmetrical Triangle, has USD/THB topped?
  • USD/PHP faces Double Top formation, USD/IDR eyes key rising support

Singapore Dollar Technical Outlook

The US Dollar appears to be consolidating within a Symmetrical Triangle chart formation against the Singapore Dollar. Whichever way USD/SGD breaks may set course for what is to come. A bullish crossover between the 50- and 100-day Simple Moving Averages remain in play, offering an upside technical bias. A bounce off triangle support may place the focus on the ceiling of the pattern. Beyond that is the key 1.3672 – 1.3713 resistance zone. Entering a downtrend likely entails clearing the 1.3502 – 1.3532 support zone.

USD/SGD Daily Chart

US Dollar Broader Uptrend Teeters on Edge: USD/SGD, USD/THB, USD/IDR, USD/PHP

Chart Created in TradingView

Thai Baht Technical Outlook

The US Dollar may be increasingly vulnerable to the Thai Baht. USD/THB is on course for its sharpest weekly decline since November 2020. That has brought the pair to the 50-day SMA after falling under 2020 highs on the daily chart below. A daily close under the line could open the door to a material drop towards the 100-day SMA. At that point, it could reinstate the dominant focus to the upside. The 38.2% Fibonacci retracement level at 32.5508 sits under the 50-day line.

USD/THB Daily Chart

US Dollar Broader Uptrend Teeters on Edge: USD/SGD, USD/THB, USD/IDR, USD/PHP

Chart Created in TradingView

Philippine Peso Technical Outlook

The US Dollar is facing its next key test against the Philippine Peso. USD/PHP appears to be in the process for forming a bearish Double Top formation. Clearing the floor of the pattern around 49.66 could open the door to a downtrend that builds off of July’s top. In the interim, the 50-day SMA appears to be acting as key support. A breakout under would then expose the 100-day line. On the other hand, bouncing off immediate support could send prices back towards the August 16th high around 51.07.

USD/PHP Daily Chart

US Dollar Broader Uptrend Teeters on Edge: USD/SGD, USD/THB, USD/IDR, USD/PHP

Chart Created on the IG Trading Platform

Indonesian Rupiah Technical Outlook

While the US Dollar’s push against the Indonesian Rupiah has been struggling to find material upside momentum since April, USD/IDR could remain in an uptrend. Rising support from February seems to be cautiously guiding the pair higher. Further gains may lead prices towards the July high at 14560. Climbing above that exposes 14645. Otherwise, dropping under key rising support would place the focus on the 200-day SMA. Extending losses beyond that exposes the May low at 14195.

USD/IDR Daily Chart

US Dollar Broader Uptrend Teeters on Edge: 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