We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site.

Free Trading Guides
EUR/USD
Bearish
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
Oil - US Crude
Bullish
Wall Street
Mixed
Gold
Bearish
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
GBP/USD
Mixed
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
USD/JPY
Bearish
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
More View more
Real Time News
  • Cable is drifting lower in early trade with US dollar strength pushing the pair back down to the 1.2340 level, roughly the mid-point of this week’s trading range. Get your$GBPUSD technical analysis from @nickcawley1 here: https://t.co/IflxdN2tek https://t.co/06Q6aWq2hr
  • Indices Update: As of 16:00, these are your best and worst performers based on the London trading schedule: Germany 30: -0.05% France 40: -0.14% US 500: -1.51% Wall Street: -1.55% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/jSm1XQ1pTJ
  • Fitch downgrades South Africa to BB; Outlook Negative - Reminder, Moody's last week downgraded SA debt to sub-investment grade. - $USDZAR on the way to the roaring 20s https://t.co/gKcDPwjNem
  • South Africa downgraded to 'BB', outlook negative by Fitch - BBG
  • Canadian PM Trudeau: - In talks with US on countering measures from OPEC $CL_F
  • New York Fed NowCast for Q1 GDP drops to 1.46%, previously 1.68% $DXY
  • The final Markit PMI readings for March showed the dramatic downturn in business activity across the single-block, putting an already weak Euro under further pressure. Get your $EURUSD market update from @nickcawley1 here: https://t.co/ZhrcDqVSNE https://t.co/vGdxAcpe1U
  • Canadian PM Trudeau says working with US on OPEC issues $CL_F
  • Canadian PM Trudeau: - Military to assist in Quebec northern regions - BBG
  • RT @IGTV: With the #COVID2019 shutting down great tracts of the global #economy the dark reality of job destructions is coming. For the nex…
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
Share:

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

Trade all the major global economic data live and interactive at the DailyFX Webinars. We’d love to have you along.

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.

DISCLOSURES

News & Analysis at your fingertips.