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USD/SGD, USD/PHP Still Face Risk Prices May Fall on Daily Charts

USD/SGD, USD/PHP Still Face Risk Prices May Fall on Daily Charts

2018-09-27 03:30:00
Daniel Dubrovsky, Analyst
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ASEAN Technical Outlook – USD/PHP, USD/SGD, USD/IDR, USD/MYR

  • USD/PHP prices ignore reversal warning signs, but more have appeared since
  • Singapore Dollar faces barrier which if broken, may result in a long-term fall
  • USD/IDR remains on consolidation mode as a trend line supports USD/MYR

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USD/PHP Technical Analysis – Shooting Star Bearish Reversal Candlestick Formation

Last week, we noted a couple of bearish reversal warnings in USD/PHP that hinted its next leg could be lower. Despite these, the Philippine Peso depreciated against the US Dollar as those signs were ignored. However, similar ones have formed again. This includes a shooting star bearish reversal pattern which is a sign of indecision. We would need confirmation of a turn lower in USD/PHP preferably via closing under the rising trend line from late August. Near-term resistance on the other hand is the 78.6% Fibonacci extension at 54.49.

USD/PHP Daily Chart

USD/SGD, USD/PHP Still Face Risk Prices May Fall on Daily Charts

USD/SGD Technical Analysis – Rising June Support Channel Preventing Long-Term Descent

A couple of week ago, an evening star bearish reversal pattern warned that USD/SGD prices could turn lower. Since then, the pair has dropped over 0.60% as it descended through the 14.6% minor Fibonacci extension level at 1.36821. However, the Singapore Dollar is being kept at bay against its US cousin by a rising support channel from June. This may ultimately prevent a reversal of USD/SGD’s dominant uptrend since April. A break under it would expose the July lows around 1.3528. A push above resistance exposes 1.3745.

USD/SGD Daily Chart

USD/SGD, USD/PHP Still Face Risk Prices May Fall on Daily Charts

USD/IDR Technical Analysis – Still in Consolidation Mode

Despite a break out of the near-term rising support line from August, USD/IDR prices still remain in consolidation mode. The Indonesian Rupiah is neatly idling against the US Dollar between the September 2015 high at 14,784 and the 1997 Asia Financial Crisis levels around 14,930. An ascent through resistance would expose the 123.6% Fibonacci extension at 15,003. Meanwhile a descent through support places 14,646 as the next potential target that may tame a descent.

USD/IDR Daily Chart

USD/SGD, USD/PHP Still Face Risk Prices May Fall on Daily Charts

USD/MYR Technical Analysis – April Trend Support Holds

Malaysian Ringgit prices were making gains against the US Dollar, but the long-term rising support line from April on the weekly USD/MYR chart below continues to prevent a reversal. The pair has since recovered its declines and is heading back to test the recent highs around 4.1476. A climb above that opens the door to testing the 78.6% Fibonacci extension at 4.1617. Meanwhile, falling under the trend line exposes the 50% midpoint at 4.1065.

USD/MYR Weekly Chart

USD/SGD, USD/PHP Still Face Risk Prices May Fall on Daily Charts

**All Charts Created in TradingView

FX Trading Resources

Read this week’s ASEAN fundamental outlook to see how forecasts compare with technical analysis!

Check out our primer on what is in store for emerging markets ahead which may also impact these currencies!

--- Written by Daniel Dubrovsky, Junior 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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