US Dollar, USD/SGD, USD/THB, USD/IDR, USD/PHP – ASEAN Technical Analysis
- US Dollar saw selling pressure against ASEAN currencies last week
- Key breakouts are in focus for USD/SGD, USD/THB and USD/IDR
- USD/PHP is looking neutral, watch the Head and Shoulders pattern
Singapore DollarTechnical Outlook – Bearish
The Singapore Dollar has been on an absolute tear against the US Dollar, with USD/SGD closing at its lowest since the end of April last week. Prices also fell under the 1.3709 – 1.3743 inflection zone and the 50-day Simple Moving Average (SMA), opening the door to extending losses. That is placing the focus on the 100-day SMA and the 1.3511 – 1.3526 support zone below. Closing back above the inflection range could open the door to resuming gains back towards the May high.
USD/SGD Daily Chart
Thai Baht Technical Outlook – Slightly Bearish
The Thai Baht has also been making progress against the US Dollar, with USD/THB further confirming the breakout under rising support from February. Immediate support seems to be a combination of the 33.861 – 34.000 inflection zone, as well as the 50-day SMA. Closing under the latter in the week ahead would shift the outlook more bearish, placing the focus on the midpoint of the Fibonacci retracement at 33.447. Otherwise, a turn higher would expose the May 13th high at 34.807.
USD/THB Daily Chart
Indonesian RupiahTechnical Outlook – Slightly Bearish
The Indonesian Rupiah is also firming against the US Dollar. After USD/IDR left behind a Bearish Engulfing candlestick pattern earlier this month, prices have seen downside follow-through. That has brought the pair right to the 20-day SMA, which could still hold as support and pivot prices higher. Otherwise, a downside breakout would shift the outlook more bearish, placing the focus on the former 14402 – 14438 resistance zone. Otherwise, a turn higher would bring the May 19th high at 14730 back in sight.
USD/IDR Daily Chart
Philippine Peso Technical Outlook – Neutral
The US Dollar was able to hold steady against the Philippine Peso this past week. Still, the bearish Head and Shoulders chart formation is still in play. A breakout under the neckline at 52.12 would open the door to a reversal. Still, that would place the focus on the floor of the Rising Wedge. The latter has been brewing since a year ago. Closing under the floor would shift the outlook increasingly bearish. Otherwise, a turn higher would place the focus on the ceiling of the wedge.
USD/PHP Daily Chart
–— Written by Daniel Dubrovsky, Strategist for DailyFX.com
To contact Daniel, use the comments section below or @ddubrovskyFX on Twitter