US Dollar, USD/SGD, USD/IDR, USD/THB, USD/PHP – ASEAN Technical Analysis
- The US Dollar is likely to be displaying indicators of exhaustion in opposition to ASEAN FX
- The Singapore Dollar appears to be in a primary place to increase good points
- Indonesian Rupiah stays in danger. THB and PHP want follow-through
Singapore Dollar Technical Outlook – Bearish
The US Dollar obtained crushed by the Singapore Dollar this previous week, with USD/SGD sinking 0.87%. That was the worst 5-day efficiency because the center of May. Prices confirmed a breakout beneath the short-term rising trendline from May, opening the door to extending losses. However, assist held because the 50-day Simple Moving Average (SMA). It might nonetheless reinstate the upside focus. Otherwise, additional losses would place the deal with the 100-day line. In the occasion of a flip larger, uptrend resumption wants a push above the July peak at 1.4096.
USD/SGD Daily Chart
Indonesian Rupiah Technical Outlook – Bullish
The US Dollar nonetheless pushed larger in opposition to the Indonesian Rupiah this previous week. Upside progress was lackluster, nonetheless. Negative RSI divergence stays, displaying that upside momentum is fading. Immediate resistance seems to be the 138.2% Fibonacci extension at 15039 earlier than the 150% stage at 15092 comes into focus. In the occasion of a flip decrease, the 20-day SMA might nonetheless maintain as assist, sustaining the dominant upside focus. As such, USD/IDR might stay biased larger within the interim.
USD/IDR Daily Chart
Thai Baht Technical Outlook – Slightly Bullish
The US Dollar was left little modified in opposition to the Thai Baht this previous week. USD/THB struggled to carry a push above the 2015 excessive at 36.668. Meanwhile, detrimental RSI divergence endured, and a Shooting Star candlestick sample emerged. Taking all of this into consideration, evidently upside momentum is fading, opening the door to a flip decrease. That mentioned, a lot progress is required decrease to meaningfully shift the outlook from bullish to bearish. Both the 20- and 50-day SMAs stay tilted larger. Further good points would place the deal with the 138.2% Fibonacci extension at 37.0671.
USD/THB Daily Chart
Philippine Peso Technical Outlook – Slightly Bullish
The US Dollar was little modified in opposition to the Philippine Peso. That mentioned, USD/PHP did depart behind a Bearish Engulfing candlestick sample. This could possibly be an early signal of a reversal, which is being coupled with detrimental RSI divergence. That mentioned, affirmation of the engulfing is missing. Further draw back progress might more and more shift the outlook bearish, opening the door to dealing with the 20- and 50-day SMAs. These stay pointing larger, they usually might reinstate the dominant uptrend. Key resistance is the 2005 excessive at 56.61.
USD/PHP Daily Chart
–— Written by Daniel Dubrovsky, Strategist for DailyFX.com
To contact Daniel, use the feedback part under or @ddubrovskyFX on Twitter