US Dollar, USD/SGD, USD/IDR, USD/MYR, USD/PHP – ASEAN Technical Analysis
- US Dollar may be at risk to further losses vs ASEAN FX
- USD/SGD confirmed break under lows form early 2020
- USD/IDR eyes triangle, USD/MYR & USD/PHP may fall
Singapore Dollar Technical Outlook
The Singapore Dollar may be readying to extend gains against the US Dollar following a break under long-term rising support from 2014. Moreover, USD/SGD has seemingly confirmed a drop through January 2020 lows, exposing an inflection zone from 2018 between 1.3311 and 1.3339. A push under this area could open the door to testing lows from the same year. Positive RSI divergence shows that downside momentum is fading. In the event of a turn higher, keep a close eye on the near-term 20-day Simple Moving Average (SMA).
USD/SGD Daily Chart
USD/SGD Chart Created in TradingView
Indonesian Rupiah Technical Outlook
The Indonesian Rupiah is trading within an Ascending Triangle against the US Dollar. Depending on the direction of the breakout, USD/IDR may find itself either aiming for June lows or the 50-day SMA above. Regardless of the outcome, finding confirmation of a breakout is key. A subsequent push under 13935 exposes the January 2020 low at 13560. Otherwise, climbing above the 50-day SMA exposes the 14525 – 14563 inflection zone.
For updates on ASEAN currencies as they break key technical levels, be sure to follow me on Twitter @ddubrovskyFX.
USD/IDR Daily Chart
USD/IDR Chart Created in TradingView
Malaysian Ringgit Technical Outlook
The Malaysian Ringgit continues its advance against the US Dollar as USD/MYR nears the current 2020 low at 4.05. Prices are hovering above the 61.8% Fibonacci extension at 4.0638. This follows a breakout under a bearish Rectangle chart pattern. In the event of a turn higher, the 20-day SMA could come into play as resistance. More broadly speaking, the dominant downtrend seems to be holding thanks to a descending zone of resistance from March’s top. It would probably take a push above it to open the door to a bigger reversal.
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USD/MYR Daily Chart
USD/MYR Chart Created in TradingView
Philippine Peso Technical Outlook
The Philippine Peso also extended gains against the US Dollar, with USD/PHP now on the cusp of testing the October 2016 low. A close under 47.92 exposes the inflection zone from earlier in the same year between 47.34 and 47.53. In the event of a turn higher, the 50-day SMA could maintain the focus to the downside. Should prices push beyond that, the 48.68 – 48.82 resistance zone would likely be the next key technical barrier to watch for should the dominant downtrend be at risk.
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