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
Bullish
GBP/USD
Bullish
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
Bullish
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
Gold
Mixed
Oil - US Crude
Mixed
Bitcoin
Bullish
More View more
Real Time News
  • Crude oil prices may encounter significant selling pressure if China retaliates against the US and pushes back trade war talks. Get your crude #oil market update from @ZabelinDimitri here: https://t.co/vMwa6rmFpH #OOTT https://t.co/vPkJ3oQgwV
  • The Singapore Dollar is driven by the Monetary Authority of Singapore, which manages exchange rate instead of short-term interest rates. Learn more on the $SGD and how to trade it. Get your update from @ddubrovskyFX here: https://t.co/eWLM9XZs5Y https://t.co/OWuwGML4Ch
  • RT @FT: Huawei admits that US sanctions are hurting https://t.co/GIT4XSfszx
  • RT @WSJecon: Mexico’s inflation eased in September, coming in line with the Bank of Mexico’s 3% target for the first time in three years ht…
  • My phone's decided to give up the ghost and I've been phoneless for 24 hours. Not coincidentally, I've been a machine tackling errands around the house. What a time to be alive.
  • #Gold remains stuck in a range as a range of conflicting forces battle and fail to take control of price action. Get your $gld market update from @nickcawley1 here: https://t.co/pw7UjkUyqH $XAUUSD https://t.co/YD8L6knjhe
  • Geopolitical developments send oil prices soaring or falling. Get your market update here: https://t.co/0znHZPvPON https://t.co/s358dvMBeR
  • Currency markets may be battered by breakneck volatility if a slowdown in global economic growth triggers a collapse in the fragile market for collateralized loan obligations (CLOs). Get your market update from @ZabelinDimitri here:https://t.co/KfjjtaXs7b https://t.co/sWeSlv33pb
  • The #Dow Jones and #Nasdaq 100 will await key earnings from some of the world’s largest manufacturers and tech companies while the #DAX grapples with freshly-imposed tariffs. Get your equities market update from @PeterHanksFX Here: https://t.co/u2lG19JFt3 https://t.co/OHs4rQEH7T
  • Crude #oil prices are consolidating above a key support zone we’ve been tracking for more-than three months now. Get your market update from @MBForex here: https://t.co/XaACvEpLG4 #OOTT https://t.co/XjmjUt4Par
IDR, MYR, PHP and SGD Prices Attempt Bold Moves Versus US Dollar

IDR, MYR, PHP and SGD Prices Attempt Bold Moves Versus US Dollar

2019-01-09 05:00:00
Daniel Dubrovsky, Analyst
Share:

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

  • Most ASEAN FX are attempting bold bullish moves against the US Dollar
  • USD/IDR, USD/MYR and USD/SGD eye dominant downtrend acceleration
  • USD/PHP faces critical support that may open the door to more declines

We released our Q1 forecasts for currencies like the US Dollar in the DailyFX Trading Guides page

USD/IDR Technical Analysis – Dominant Downtrend Accelerates

Since breaking under the rising trend line from January, the Indonesian Rupiah has accelerated its appreciation against the US Dollar as expected. Recently, USD/IDR achieved a daily close with confirmation under former resistance at 14,215. This has opened the door to resuming the dominant downtrend. The next critical support area is a horizontal range in between 13,923 and 13,848. Falling through it would open the door to testing 13,655 afterwards.

USD/IDR Daily Chart

IDR, MYR, PHP and SGD Prices Attempt Bold Moves Versus US Dollar

USD/MYR Technical Analysis – Key Support Broken

Like what we have seen in USD/IDR, the Malaysian Ringgit is also making fair progress against the US Dollar and more gains may be in store ahead. This is because support has been broken under 4.1270 with a near-term falling resistance line keeping the downtrend together. This has exposed December 2017 resistance/August 2018 support next. Falling through that would then open the door to testing 4.0710.

USD/MYR Daily Chart

IDR, MYR, PHP and SGD Prices Attempt Bold Moves Versus US Dollar

USD/SGD Technical Analysis – Consolidation Turns into Dominant Downtrend

It seems that the Singapore Dollar is transitioning away from consolidation mode and into appreciation against its US counterpart. A falling channel is now guiding USD/SGD lower. The pair does sit right on the border of channel support. This area is also closely aligned with a horizontal area of support between 1.35559 and 1.35284. Clearing it would open the door to testing 1.34897 which was former resistance in May 2018.

USD/SGD Daily Chart

IDR, MYR, PHP and SGD Prices Attempt Bold Moves Versus US Dollar

USD/PHP Technical Analysis – Downtrend Eyes Next Test

Meanwhile the Philippine Peso is on the verge of testing its next critical support area. USD/PHP prices eye near-term horizontal range support between 52.15 and 52.10. Descending through that would expose the May 2018 lows around 51.59 in its dominant downtrend from October of the same year.

For updates on these ASEAN pairs that I am closely watching, you may follow me on Twitter @ddubrovskyFX for more immediate real time updates.

USD/PHP Daily Chart

IDR, MYR, PHP and SGD Prices Attempt Bold Moves Versus US Dollar

**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

News & Analysis at your fingertips.