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US dollar technical outlook: USD/SGD, USD/IDR, USD/PHP, USD/THB

US dollar saw mixed performance against ASEAN currencies; USD/SGD downtrend lost some momentum, USD/IDR fell more and USD/PHP testing wedge ceiling.

Singapore dollar technical outlook – neutral

The US dollar fought back against the Singapore dollar this past week, slowing USD/SGD’s descent from the May higher. There was a seemingly false breakout under the 1.3709 – 1.3743 inflection zone and 50-day Simple Moving Average (SMA). This is offering a neutral technical outlook, where a confirmatory close above the 23.6% Fibonacci extension at 1.3797 could open the door to a bullish horizon towards the May high at 1.3986. Otherwise, resuming losses exposes the 1.3511 – 1.3526 support zone.

USD/SGD daily chart

Indonesian rupiah technical outlook - bearish

The US dollar is rapidly losing ground to the Indonesian rupiah. Previously, a Bearish Engulfing candlestick pattern warned of an impending turn lower. There have been downside follow-through as USD/IDR took out the 20-day SMA. Losses have brought the pair back towards the former 14402 – 14438 resistance zone, which may hold as new support. Below is the rising trendline from November before lows from earlier this year will kick in. In the event of a turn higher, the 20-day SMA could hold as resistance.

USD/IDR daily chart

Philippine peso technical outlook – slightly bullish

The US dollar gained ground against the Philippine peso last week. In fact, USD/PHP closed at its highest since March 2019, taking out the August 2019 peak. Prices are now sitting at the ceiling of a brewing Rising Wedge that has its beginnings a year ago. This resistance can hold, sending the pair back towards the ascending floor of the chart pattern. Otherwise, a breakout higher opens the door to uptrend resumption, exposing the 78.6% Fibonacci extension at 53.3079.


USD/PHP daily chart

Thai baht technical outlook – neutral

The US dollar steadied against the Thai baht last week, pausing USD/THB’s top from early May. Prices bounced just above the former 33.861 – 34.000 resistance zone, which could hold as support in the event weakness transpires. Still, keep a close eye on the 50-day SMA, which held as support and maintained the broader upside focus. Resuming gains would place the focus on the May high at 34.850. Otherwise, cracking the support zone exposes the midpoint of the Fibonacci retracement at 33.469.

USD/THB daily chart


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The information on this page does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. IG Bank S.A. accepts no responsibility for any use that may be made of these comments and for any consequences that result. No representation or warranty is given as to the accuracy or completeness of this information. Consequently any person acting on it does so entirely at their own risk. Any research provided does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it and as such is considered to be a marketing communication. Although we are not specifically constrained from dealing ahead of our recommendations we do not seek to take advantage of them before they are provided to our clients. See full non-independent research disclaimer.

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