Is the US dollar setting the stage for a turn lower?

Singapore dollar technical outlook – slightly bearish

The US dollar weakened against the Singapore dollar this past week. USD/SGD closed under the rising trendline from August, opening the door to losses for the week ahead. This also occurred as prices were unable to hold a push above peaks from July. As a result, a wide zone of resistance was left behind between 1.4061 – 1.4107. Immediate support appears to be the 23.6% Fibonacci extension at 1.3944 before the 50-day Simple Moving Average (SMA) comes into focus. Subsequent losses would then open the door to revisiting the rising trendline from February.

USD/SGD daily chart

Thai baht technical outlook – slightly bearish

The US dollar also lost ground to the Thai baht this past week. USD/THB was unable to clear July highs, reinforcing the 36.738 – 36.949 resistance zone. A bearish Double Top also appears to be brewing, although the neckline won’t come into play until 35.052. Still, prices closed under the near-term rising trendline from August. Further downside confirmation could open the door to extending losses. That would place the focus on the 100-day SMA. Otherwise, resuming the uptrend would expose the 78.6% Fibonacci extension at 37.3345.

USD/THB daily chart

Indonesian rupiah technical outlook – slightly bearish

The US dollar also weakened against the Indonesian rupiah last week, with USD/IDR closing at its lowest since the middle of August. Prices broke under a bearish Rising Wedge chart formation, opening the door to extending losses since the middle of July. Still, the 100-day SMA is approaching from below, and it could reinstate the dominant upside focus. If not, further losses could open the door to retesting the August low at 14670. Otherwise, a close above the minor 14.6% Fibonacci retracement at 14941 exposes the July high at 15030.

USD/IDR daily chart

Philippine peso technical outlook – neutral

The US dollar was little changed against the Philippine peso this past week, but there are rising signs that a turn lower could be in the cards. For one thing, prices left behind a Shooting Star candlestick pattern which subsequently saw downside confirmation. Meanwhile, negative RSI divergence was present as prices set higher highs, but the indicator did not. Further losses would open the door to testing the 50-day SMA. The latter could hold as support, maintaining the broader upside focus. If not, the 55.10 – 55.34 support zone could be the next leg of the journey. Resuming the uptrend entails clearing the 38.2% extension at 57.146 before the midpoint comes in at 57.7785.

USD/PHP daily chart

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