US Dollar Outlook Still Bearish: USD/SGD, USD/THB, USD/IDR, USD/PHP
2021-04-22 05:00:00
Daniel Dubrovsky,
Strategist
US Dollar, USD/SGD, USD/THB, USD/PHP, USD/IDR – ASEAN Technical Analysis
US Dollar outlook remains bearish against ASEAN currencies
USD/SGD eying January lows? USD/THB still appears wobbly
USD/IDR and USD/PHP facing downside technical warnings
Singapore Dollar Technical Outlook
The US Dollar extended declines against the Singapore Dollar since last week, as anticipated. USD/SGD pierced the 1.3375 – 1.3389 inflection zone, confirming the breakout. Now, the 50-day Simple Moving Averaged could cross above the 20-day, forming a bearish crossover. That may precede further losses, opening the door for the pair to retest the 1.3158 – 1.3189 support zone established earlier this year. In the event of a material turn higher however, keep an eye on what may be a falling trendline from March – see chart below.