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US Greenback Outlook: Down however Not Out. USD/SGD, USD/THB, USD/IDR, USD/PHP

us-greenback-outlook:-down-however-not-out.-usd/sgd,-usd/thb,-usd/idr,-usd/php

US Greenback, USD/SGD, USD/THB, USD/IDR, USD/PHP – ASEAN Technical Evaluation

  • US Greenback has retreated towards ASEAN FX, however losses have been cautious
  • USD/SGD and USD/THB broader uptrends are nonetheless in play for time being
  • USD/IDR stays inside Rising Wedge, USD/PHP breakout looming?

Singapore Greenback Technical Outlook

The US Greenback retreated cautiously towards the Singapore Greenback this previous week after USD/SGD rejected the important thing 1.3743 – 1.3693 resistance zone. This additionally adopted unfavourable RSI divergence, which confirmed that upside momentum was fading. Nonetheless, the broader uptrend since June stays intact, outlined by way of a rising trendline from then under. Instant assist appears to be the 1.3607 – 1.3631 assist zone, the place a breakout decrease exposes the trendline. Resuming the uptrend entails clearing resistance in the direction of 1.3794, which is the September 2020 excessive.

USD/SGD Each day Chart

US Dollar Outlook: Down but Not Out. USD/SGD, USD/THB, USD/IDR, USD/PHP

Chart Created in TradingView

Thai Baht Technical Outlook

The US Greenback has additionally been on the again foot towards the Thai Baht. USD/THB turned decrease final week after failing to clear the important thing 34.000 – 33.861 resistance zone. This left the pair testing the 33.324 – 33.526 inflection zone, which has its beginnings from peaks in 2018. A bullish crossover lately occurred between the 20- and 50-day Easy Transferring Averages (SMAs), providing an upward technical bias. Furthermore, a rising trendline from February continues to be in play. Resuming the uptrend entails clearing resistance, exposing the July 2017 excessive at 34.149.

USD/THB Each day Chart

US Dollar Outlook: Down but Not Out. USD/SGD, USD/THB, USD/IDR, USD/PHP

Chart Created in TradingView

Indonesian Rupiah Technical Outlook

The US Greenback additionally misplaced some floor to the Indonesian Rupiah as of late, however USD/IDR stays buying and selling throughout the boundaries of a bearish Rising Wedge chart formation. Costs might stay tilted upward throughout the wedge, however a breakout beneath it may open the door to resuming the June – October downtrend. Nonetheless, a bullish crossover between the 20- and 50-period SMAs stays in play, and these traces will come rapidly into focus within the occasion of a wedge breakout decrease. Extending the uptrend since October may see costs face the 14465 inflection level.

USD/IDR Each day Chart

US Dollar Outlook: Down but Not Out. USD/SGD, USD/THB, USD/IDR, USD/PHP

Chart Created in TradingView

Philippine Peso Technical Outlook

The US Greenback continues to vary towards the Philippine Peso, however USD/PHP could also be working out of room to consolidate. The pair is now intently wedged between a rising trendline from June, and a falling zone of resistance from September. Clearing rising assist and the 14.6% minor Fibonacci extension at 50.0583 exposes the 49.54 – 49.67 assist zone. On the flipside, clearing falling resistance exposes the November peak at 50.79 in the direction of the essential 51.32 – 51.09 resistance zone.

USD/PHP Each day Chart

US Dollar Outlook: Down but Not Out. 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 feedback part under or @ddubrovskyFX on Twitter

DailyFX offers foreign exchange information and technical evaluation on the tendencies that affect the worldwide forex markets.

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