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USD/PHP, USD/SGD, USD/MYR, USD/INR Talking Points

  • US Dollar at risk to losing upside momentum versus ASEAN FX in near-term
  • Philippine Peso, Singapore Dollar and Malaysian Ringgit eyeing breakouts
  • USD/INR uptrend faces its next critical psychological barrier, will it hold?

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USD/PHP Technical Outlook

The Philippine Peso may find itself outperforming against the US Dollar as it looks to confirm a Bearish Engulfing candlestick pattern. USD/PHP is on the verge of extending losses under the near-term rising trend line from the beginning of August. That places the focus on support at 51.86. Otherwise, a false breakout may result in uptrend resumption towards 52.73.Fundamentally, FOMC minutes may boost USD.

To stay updated on fundamental developments for ASEAN currencies such as SGD and PHP, you may follow me on Twitter here @ddubrovskyFX

USD/PHP Daily Chart

US Dollar Technical Outlook Versus PHP, SGD, MYR and INR Bearish?

USD/PHP Chart Created in TradingView

USD/SGD Technical Outlook

The US Dollar is looking increasingly vulnerable to the Singapore Dollar after USD/SGD formed an Evening Star bearish reversal pattern. This followed fading upside momentum noted last week, with the currency pair now looking to confirm closes under the rising support line from the middle of July. Further declines under support, which is a range between 1.3808 and 1.3836, opens the door to reversal confirmation.

USD/SGD Daily Chart

US Dollar Technical Outlook Versus PHP, SGD, MYR and INR Bearish?

USD/SGD Chart Created in TradingView

USD/MYR Technical Outlook

Meanwhile, the US Dollar is also at risk to the Malaysian Ringgit after USD/MYR confirms a close under support at 4.1800. That opens the door to a reversal of the near-term uptrend from the middle of July. In the medium-term, the currency pair may test potential rising support from March (red line below). Along the way stands areas of support around 4.1550 and 4.1448.

USD/MYR Daily Chart

USD/MYR Daily Chart

USD/INR Technical Outlook

Focusing on the Indian Rupee, the US Dollar has managed to extend gains despite fading upside momentum. This is represented as negative RSI divergence on the chart below. This comes as USD/INR faces the next critical psychological barrier between 71.53 and 71.82 after the break above descending resistance – from October 2018. If resistance holds, a turn lower places support at 70.88. Otherwise, a climb eyes 72.55.

Interested in the fundamental outlook for the Indian Rupee? Check out my collaboration with Analyst Dimitri Zabelin where we discuss the Reserve Bank of India and political turmoil in the region of Kashmir

USD/INR Daily Chart

US Dollar Technical Outlook Versus PHP, SGD, MYR and INR Bearish?

USD/INR Chart Created in TradingView

FX Trading Resources

--- Written by Daniel Dubrovsky, Currency Analyst for DailyFX.com

To contact Daniel, use the comments section below or @ddubrovskyFX on Twitter