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Singapore Dollar Strength May Hold as Malaysian Ringgit Follows

Singapore Dollar Strength May Hold as Malaysian Ringgit Follows

Daniel Dubrovsky, Strategist

USD/SGD, USD/MYR, USD/PHP, USD/IDR - Talking Points

  • USD/SGD downtrend may be reinstated by potential resistance
  • Trend line maintains USD/MYR downtrend, prices eye support
  • USD/PHP turns lower after CPI data, will consolidation end?

Singapore Dollar Technical Outlook

The Singapore Dollar has been cautiously weakening against the US Dollar since prices appeared to have found a bottom last week. This followed a bullish engulfing and now recently, a push through near-term falling resistance from December – pink line below. That could pave the way for further gains in USD/SGD as prices attempt to clear the psychological barrier at 1.3521. Potential resistance from September may keep the focus on the medium-term downtrend – red parallel lines on the chart below.

Learn more about how the MAS conducts monetary policy and what matters for the Singapore Dollar !

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USD/SGD Daily Chart

USD/SGD Daily Chart

USD/SGD Chart Created in TradingView

Malaysian Ringgit Technical Outlook

The Malaysian Ringgit is attempting to refocus on its strength against the US Dollar after USD/MYR appeared to have bottomed last week. Falling resistance from late November held on Wednesday with prices eyeing key support at 4.0850. If that is taken out, the currency pair may target levels last seen in March 2019 where support is waiting between 4.0550 to 4.0610. Otherwise, turning higher and passing through 4.1070 exposes former support that may reinstate itself as resistance at 4.1225.

To stay updated on fundamental developments for ASEAN currencies, follow me on Twitter here @ddubrovskyFX

USD/MYR Daily Chart

USD/MYR Daily Chart

USD/MYR Chart Created in TradingView

Philippine Peso Technical Outlook

Following better-than-expected Philippine CPI data, USD/PHP turned lower as anticipated. Yet thus far it hasn’t been enough to overturn the Philippine Peso’s persistent consolidation mode against the US Dollar that has been occurring since November. Prices need to take out the psychological barrier between 50.40 to 50.52 to resume the dominant downtrend. That exposes support at 50.09 which is the 50% midpoint of the Fibonacci extension. Key resistance remains as the horizontal channel between 51.13 to 51.30.

USD/PHP Daily Chart

USD/PHP Daily Chart

USD/PHP Chart Created in TradingView

Indonesian Rupiah Technical Outlook

The Indonesian Rupiah has been making slow and steady gains against the US Dollar since rising support from September was cleared. USD/IDR still remains within key support which is a range between 13848 to 13923. Taking this barrier out exposes former resistance from March 2018 which may stand in as new support at 13785. Above sits resistance at 13965, 14000 and 14035 on the chart below.

USD/IDR Daily Chart

USD/IDR Daily Chart

USD/IDR Chart Created in TradingView

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

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

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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