News & Analysis at your fingertips.

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.

0

Notifications

Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
Subscribe
Please try again
EUR/USD
Bearish
Oil - US Crude
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
Wall Street
Mixed
Gold
Bullish
GBP/USD
Bearish
USD/JPY
Bullish
More View more
Real Time News
  • interested to see the responses here $Gold https://t.co/NBz8Jyy1qu
  • Gold prices hit a fresh seven-month low last week, eventually finding Fibonacci support. But with US rates in focus for the Fed on 3-16 - what will happen first?
  • https://t.co/mviHFA68q9
  • #Bitcoin, #Gold, #Dollar, $EURUSD, $AUDUSD and $USDCAD Technical Levels - (Webinar Archive) - https://t.co/YozHhSFHxc
  • Indices Update: As of 17:00, these are your best and worst performers based on the London trading schedule: US 500: 2.39% Wall Street: 2.18% FTSE 100: 0.23% Germany 30: 0.17% France 40: 0.09% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/O0R5hSwfSN
  • #Gold attempted to rebound from multi-month lows today, climbing as high as $1,760 before hitting resistance and turning back downwards. The precious metal is now trading back around $1,735. $XAU $GLD https://t.co/QgXRBljgWe
  • Equities have managed to start the new month on the front foot as bond yields are taking a breather from their rapid surge over the last few weeks. DAX 30 bulls aim towards the 14,000 mark. Get your #DAX market update from @HathornSabin here:https://t.co/E7CYIM0KQC https://t.co/bnFyQfXLP6
  • ECB President Lagarde: - Pandemic is still heavily weighing on European economies - ECB will do its job to ensure firms and families can access finances needed to weather the storm - They can do so with confidence that financing conditions will not tighten prematurely #ECB $EUR
  • Heads Up:💶 ECB President Lagarde Speech due at 16:10 GMT (15min) https://www.dailyfx.com/economic-calendar#2021-03-01
  • Forex Update: As of 15:00, these are your best and worst performers based on the London trading schedule: 🇦🇺AUD: 0.92% 🇨🇦CAD: 0.66% 🇳🇿NZD: 0.62% 🇯🇵JPY: -0.04% 🇪🇺EUR: -0.25% 🇨🇭CHF: -0.65% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/hg9Ce9xspE
USD/SGD, USD/MYR, USD/IDR Prices Try Reversing Dominant Uptrends

USD/SGD, USD/MYR, USD/IDR Prices Try Reversing Dominant Uptrends

Daniel Dubrovsky, Strategist

ASEAN Technical Outlook – USD/PHP, USD/SGD, USD/IDR, USD/MYR

  • Multiple ASEAN currency pairs are attempting to reverse their dominant trends
  • USD/MYR, USD/SGD and USD/IDR fit into this category, more declines ahead?
  • USD/PHP prices inching closer towards a descending trend line from September

We released our 4Q forecasts for currencies like the US Dollar in the DailyFX Trading Guides page

USD/MYR Technical Analysis – Dominant Uptrend Over?

After being overshadowed by fading upside momentum, USD/MYR not only experienced its most aggressive declines since March, but a rising trend line from September was broken. Having also achieved confirmation thereafter, the Malaysian Ringgit’s extended decline against the US Dollar may be put on hold for the time being. Prices stopped right on the former horizontal resistance line from September at 4.1475. Continuation of USD/MYR’s descent would have the pair facing support next at 4.1270 which is the low from that same month.

USD/MYR Daily Chart

USD/SGD, USD/MYR, USD/IDR Prices Try Reversing Dominant Uptrends

USD/SGD Technical Analysis – Rising Support Line Breached

Another ASEAN currency that breached a long-term trend line was the Singapore Dollar. USD/SGD broke through a rising range of support from June, opening the door to reversing its dominant uptrend since then. Near-term support is the August and September lows at 1.36076. Descending through that exposes the July low at 1.35284. Immediate resistance is a horizontal range between 1.36855 and 1.37180. For updates on the Singapore Dollar and other ASEAN pairs that I am closely watching, you may follow me on Twitter @ddubrovskyFX.

USD/SGD Daily Chart

USD/SGD, USD/MYR, USD/IDR Prices Try Reversing Dominant Uptrends

USD/IDR Technical Analysis – Dominant Uptrend Also Over?

The Indonesian Rupiah has also confirmed a break under the rising trend line from January. This suggests that the dominant uptrend in USD/IDR may also be at risk in addition to USD/MYR and USD/SGD. Here however we have the presence of positive RSI divergence which signals fading downside momentum and may precede a turn lower. This has the pair eyeing immediate resistance at 14,396 followed by 14,646. A descent through 14,215 exposes the June low at 13,848 otherwise.

USD/IDR Daily Chart

USD/SGD, USD/MYR, USD/IDR Prices Try Reversing Dominant Uptrends

USD/PHP Technical Analysis – September Trend Line Approaches

While USD/PHP may have experienced its best day since September, the upper range of immediate resistance at 52.77 held (light blue horizontal range on the chart below). With that said, the Philippine Peso is still inching closer to the descending trend line from September. Confirmation of a turn higher would require pushing through that. But getting there involves breaching the 23.6% Fibonacci extension at 52.87. Meanwhile, near-term support appears to be at 52.50.

USD/PHP Daily Chart

USD/SGD, USD/MYR, USD/IDR Prices Try Reversing Dominant Uptrends

**All Charts Created in TradingView

Read this week’s ASEAN fundamental outlook to learn about the underlying drivers for these currencies!

FX Trading Resources

--- 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