US Dollar, USD/SGD, USD/IDR, USD/MYR, USD/PHP – ASEAN Technical Analysis
- US Dollar seeing mixed performance vs ASEAN FX
- USD/SGD broke higher as USD/IDR diverged lower
- USD/MYR eyes March trendline, USD/PHP may rise?
Singapore Dollar Technical Outlook
The US Dollar may be readying to extend gains against the Singapore Dollar after USD/SGD confirmed a break above a short-term falling trendline from September. The Singapore Dollar has also cleared the 50-day Simple Moving Average, confirming a breakout. However, USD/SGD faces its next test. A falling zone of resistance from June could maintain the downside bias ahead. Otherwise, a push through it exposes the 1.3760 – 1.3805 inflection range. Downtrend resumptions entails a drop through 1.3527 towards current 2020 lows.
USD/SGD Daily Chart
USD/SGD Chart Created in TradingView
Indonesian Rupiah Technical Outlook
The Indonesian Rupiah could be setting itself up to extend gains against the US Dollar. USD/IDR recently formed a bearish ‘Death Cross’ after the 20-day SMA crossed under the 50-day one. This is also in the aftermath of breaking under a bearish ‘Rising Wedge’ chart formation. The pair seems to be setting up to test the 1425 – 14563 inflection zone. If taken out, that would open the door to testing support at 14342 next. Otherwise, a push above the SMAs exposes the 14915 – 14975 resistance zone.
USD/IDR Daily Chart
USD/IDR Chart Created in TradingView
Malaysian Ringgit Technical Outlook
The Malaysian Ringgit technical outlook seems neutral against the US Dollar. USD/MYR recently broke above the 50-day SMA, though confirmation is lacking. Moreover, the falling trendline from March seems to be maintaining the focus to the downside. This could prolong USD/MYR’s consolidation since late August. Outer resistance seems to be at 4.1740 with layers of support below at 4.1350 followed by 4.1100. Clearing resistance exposes the 38.2% Fibonacci extension at 4.2086.
For updates on ASEAN currencies as they break key technical levels, be sure to follow me on Twitter @ddubrovskyFX.
USD/MYR Daily Chart
USD/MYR Chart Created in TradingView
Philippine Peso Technical Outlook
The Philippine Peso remains in a consolidative setting against the US Dollar. USD/PHP nullified the breakout above falling resistance from March as it struggled to overcome the 50-day SMA. Now, the pair is retesting the important 48.28 – 48.36 support zone. That is what is standing in between it and from October 2016 lows. A breakout lower could open the door to testing the latter. Positive RSI divergence does show fading downside momentum which can at times precede a turn higher. That could place the focus on 48.82.
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USD/PHP Daily Chart
USD/PHP Chart Created in TradingView
–— Written by Daniel Dubrovsky, Currency Analyst for DailyFX.com
To contact Daniel, use the comments section below or @ddubrovskyFX on Twitter