• Contact Us
  • Homepages
Most Forex
  • For Beginners
  • Strategies
  • Technical Analysis
  • Product Reviews
  • News
  • Videos
No Result
View All Result
  • For Beginners
  • Strategies
  • Technical Analysis
  • Product Reviews
  • News
  • Videos
No Result
View All Result
Most Forex
No Result
View All Result
Home Technical Analysis

US Dollar Technical Outlook: USD/PHP, USD/SGD, USD/MYR, USD/IDR

Forex Tips by Forex Tips
October 19, 2020
in Technical Analysis
0
US Dollar Technical Outlook: USD/PHP, USD/SGD, USD/MYR, USD/IDR
189
SHARES
1.5k
VIEWS
Share on FacebookShare on Twitter


US Dollar, USD/PHP, USD/SGD, USD/MYR, USD/PHP – ASEAN Technical Analysis

  • USD/PHP attempting to climb through key trendline
  • USD/SGD struggled around familiar support range
  • USD/MYR may rise, USD/IDR still eyeing wedge

Philippine Peso Technical Outlook

After much consolidation around its lowest price since late 2016, the US Dollar is attempting to push higher against the Philippine Peso. USD/PHP took out a falling trendline going back to March – red line on the daily chart below. This follows fading downside momentum, as indicated by positive RSI divergence. However, the pair was unable to then breach the October 2016 high at 48.66 which is acting as an inflection point.

The 50-day Simple Moving Average (SMA) is also proving difficult to push above, acting as key resistance. As such, confirmation of an upside breakout seems lacking. Further gains places the focus on 49.02 before testing the 2017 floor. Downtrend resumption may see USD/PHP retest October 2016 lows should the pair manage to clear the 48.28 – 48.36 support zone.

USD Forecast

USD Forecast

Recommended by Daniel Dubrovsky

What is the road ahead for the US Dollar in Q4?

USD/PHP Daily Chart

USD/PHP Daily Chart

USD/PHP Chart Created in TradingView

Singapore Dollar Technical Outlook

The Singapore Dollar is struggling to gain ground against the US Dollar as it struggles to clear the familiar 1.3543 – 1.3578 support zone. Now, USD/SGD is appearing to push above a short-term falling trendline from late September. This also follows positive RSI divergence, indicating fading downside momentum which can at times precede a turn higher.

If USD/SGD climbs above the 1.3628 inflection point, this could open the door to facing falling resistance from June. This could reinstate the focus to the downside. Beyond that area of falling resistance sits the 1.3760 – 1.3805 inflection zone. Subsequently climbing above this area could pave the way for further gains. Otherwise, clearing immediate support exposes January 2020 lows.

Forex for Beginners

Forex for Beginners

Recommended by Daniel Dubrovsky

Learn how to become a more consistent forex trader

USD/SGD Daily Chart

US Dollar Technical Outlook: USD/PHP, USD/SGD, USD/MYR, USD/IDR

USD/SGD Chart Created in TradingView

Malaysian Ringgit Technical Outlook

The US Dollar continues to consolidate against the Malaysian Ringgit with prices idling around familiar levels seen in late August. Since then, USD/MYR appears to be forming a bullish Head and Shoulders formation. A close above the neckline, around 4.1740, could open the door to extending a climb towards the 4.2350 – 4.2450 former support zone. It could establish itself as new resistance.

Along the way however, keep a close eye on the falling trend line from late March. This could reinstate the pair’s trajectory to the downside. Resuming the dominant downtrend since earlier this year entails a drop through key support, a range between 4.1100 and 4.1226. Clearing this zone exposes 4.0850 along the way towards the January 2020 low at 4.05.

Top Trading Lessons

Top Trading Lessons

Recommended by Daniel Dubrovsky

How can you overcome common pitfalls in FX trading?

USD/MYR Daily Chart

US Dollar Technical Outlook: USD/PHP, USD/SGD, USD/MYR, USD/IDR

USD/MYR Chart Created in TradingView

Indonesian Rupiah Technical Outlook

The Indonesian Rupiah has been making cautious gains against the US Dollar since late September. On the whole, USD/IDR has been in a consolidative state since the middle of July. The pair bottomed in June, climbing before stalling and establishing a critical zone of resistance between 14915 and 14975. A climb above this range opens the door to uptrend resumption towards 2018 highs.

USD/IDR did fall under a bearish Rising Wedge in early October. However, downside confirmation has been somewhat lacking. Prices were also hovering around the 50-day SMA. Further losses from here would place the focus on the 14525 – 14563 inflection zone. Taking this out exposes what may be support at 14342 before potentially testing the June low.

For updates on ASEAN currencies as they break key technical levels, be sure to follow me on Twitter @ddubrovskyFX.

USD/IDR Daily Chart

US Dollar Technical Outlook: USD/PHP, USD/SGD, USD/MYR, USD/IDR

USD/IDR 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





Source link

Share76Tweet47

Related Posts

US Dollar Breakouts Search for Momentum: USD/SGD, USD/IDR, USD/PHP, USD/THB

by Forex Tips
March 4, 2021
0

US Dollar, USD/SGD, USD/IDR, USD/PHP, USD/IDR – ASEAN Technical AnalysisUSD/SGD eyeing 100-day SMA as it trades within a Bearish...

Technicals Point to Higher Prices

Gold Trading Soft, Silver Price Trying to Hold Important Support

by Forex Tips
March 4, 2021
0

Gold & Silver Price OutlookGold trading near the bottom of a would-be long-term bull-flagSilver price trading on March trend-line,...

Dow Jones, DAX 30, FTSE 100, S&P 500 Forecasts for the Week

Monthly Forex Seasonality – March 2021: ‘Dollars’ Mixed but Gold, Stocks Favor Weakness

by Forex Tips
March 3, 2021
0

March FX Seasonality Overview:In recent years, March has produced EUR/USD gains, losses by USD/JPY, gold, and stocks. It’s a...

Brexit Latest: British Pound Rallies as EU-UK Agreement Nears

British Pound Forecast: Digesting Gains Around Spring Budget

by Forex Tips
March 3, 2021
0

British Pound Outlook:After a strong run higher, the British Pound may be due for a period of pullback, if...

Canadian Dollar Forecast: Loonie’s Wings Clipped?

by Forex Tips
March 3, 2021
0

Canadian Dollar Outlook:Canadian Dollar Flies Through TurbulenceThe Canadian Dollar was hobbled last week, nearly falling through key technical levels...

Load More

Categories

  • Crypto Strategies
  • Currency
  • For Beginners
  • Forex News
  • Forex Trading Tips & Strategies
  • Investment
  • Technical Analysis
  • Videos
Forex Pulse Detector

Categories

  • Crypto Strategies
  • Currency
  • For Beginners
  • Forex News
  • Forex Trading Tips & Strategies
  • Investment
  • Technical Analysis
  • Videos

Newsletter

  • Home
  • Contact
  • Privacy Policy
  • Store

© 2018 Forex Blog

No Result
View All Result
  • Contact Us
  • Homepages

© 2018 Forex Blog.