ASEAN Technical Outlook – USD/SGD, USD/MYR, USD/IDR, USD/PHP
- USD/MYR’s rise since April at risk as November 2016 trend line halted gains
- USD/IDR, USD/PHP and USD/MYR also face decreasing upside momentum
- Near-term rising support caught USD/SGD, next leg higher on daily chart?
Check out our 3Q forecasts for currencies like the US Dollar in the DailyFX Trading Guides page
USD/SGD Daily Chart – Trend Line Support Holds
In recent days, US Dollar prices have been losing ground to their Singaporean counterpart. But the uptrend in USD/SGD on the daily chart remains intact, supported by a rising trend line from June. If the trend in the Singapore Dollar holds and the pair climbs, it may find itself retesting 1.3745 which has at this point acted as both resistance and support over the past couple of months. Otherwise a descent under the rising line exposes the July 9th low at 1.3528.
USD/MYR Daily Chart – Declines Ahead?
On a daily chart, USD/MYR prices have broken under a rising channel that has kept the pair in an uptrend since April. Curiously this occurred as the pair failed to push above a long-term falling trend line from November 2016 as upside momentum fell. The latter is present given negative RSI divergence. With that in mind, the Malaysian Ringgit may appreciate against the US Dollar ahead or perhaps consolidate.
In the event USD/MYR falls on the daily chart, December 2017 horizontal resistance could act as new support at 4.0925. A descent through that then exposes the 38.2% Fibonacci extension at 4.0837. On the other hand, the US Dollar appreciating against the Malaysian Ringgit through the trend line exposes the 61.8% extension at 4.1293.
USD/IDR Daily Chart – Bearish Reversal Warnings
Upside momentum continues fading on the daily chart of USD/IDR given the presence of negative RSI divergence. Another shooting star bearish candlestick pattern warns that US Dollar prices could lose ground to the Indonesian Rupiah. This could pave the way for the pair to fall under the August 21st low of 14,555 which then exposes the near-term rising trend line from late June. Meanwhile, immediate resistance appears to be around the August 15th high of 14,646.
USD/PHP Daily Chart – August Lows Eyed
USD/PHP prices on the daily chart have broken under a near-term rising support line from the beginning of August. Like the Indonesian Rupiah and Malaysian Ringgit, negative RSI divergence here also warns that Philippine Peso prices may appreciate against the US Dollar next. With that in mind, immediate support appears to be the 14.6% minor Fibonacci extension level at 53.11 followed by the August lows at 52.80. Near-term resistance in USD/PHP seems to be the June 2006 high at 53.59.
Read this week’s ASEAN fundamental outlook to see how forecasts compare with respective technical analysis!
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--- Written by Daniel Dubrovsky, Junior Currency Analyst for DailyFX.com
To contact Daniel, use the comments section below or @ddubrovskyFX on Twitter
