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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