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

  • Philippine Peso might be on the verge of extending losses against the US Dollar
  • Meanwhile, the Indonesian Rupiah and Malaysian Ringgit could do the opposite
  • Singapore Dollar resuming consolidation mode after the falling wedge fell apart

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

USD/PHP Technical Analysis – Dominant Downtrend On Pause

Since we last looked at the Philippine Peso, USD/PHP experienced its best performance in a single day since early May. The 0.85% rise in the pair pushed it through a descending resistance line from September which is a bullish signal. A daily close above the range of horizontal resistance between 53.24 and 53.32 next would further solidify this argument. On the other hand, resumption of the dominant downtrend would involve breaking through a rising support line from late November.

USD/PHP Daily Chart

USD/PHP Daily Chart

USD/MYR Technical Analysis – Turning Lower?

The ascent in USD/MYR prices seems to be on the verge of turning around. As anticipated, the rising trend line from September coupled with a horizontal range between 4.1855 and 4.1800 acted as resistance. Now, the pair is under this area after falling through a rising support line from earlier this month. As such, we may see the Malaysian Ringgit strengthen against the US Dollar next. This places the next critical area of support as a horizontal range between 4.1450 and 4.1475.

USD/MYR Daily Chart

USD/PHP Prices May Extend Climb as USD/MYR and USD/IDR Fall

USD/IDR Technical Analysis – Downtrend Resuming?

Like what we saw in the Malaysian Ringgit, the Indonesian Rupiah managed to gain ground against the US Dollar in recent days, opening the door to a turn lower in USD/IDR. The January trend line and horizontal resistance at 14,646 held. The pair just passed through 14,396 and is now facing the May high/early December low at 14,215 next. A descent through that may result in resuming the dominant downtrend from November.

For updates on the Indonesian Rupiah and other ASEAN pairs that I am closely watching, you may follow me on Twitter @ddubrovskyFX for real time updates.

USD/IDR Daily Chart

USD/PHP Prices May Extend Climb as USD/MYR and USD/IDR Fall

USD/SGD Technical Analysis – Back in Consolidation

The falling wedge formation in USD/SGD pointed out last week fell apart after a false breakout above it. The Singapore Dollar appears to be back in consolidation mode against the US Dollar after a descent through a rising range of support from June. The lower boundary of the congestion zone is eyed next as a range of support between 1.3607 and 1.3621. Meanwhile, near-term resistance is the December 14th high at 1.3773.

USD/SGD Daily Chart

USD/PHP Prices May Extend Climb as USD/MYR and USD/IDR Fall

**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