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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