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
Bearish
GBP/USD
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
USD/JPY
Mixed
Gold
Mixed
Oil - US Crude
Mixed
Bitcoin
Mixed
More View more
Notice

DailyFX PLUS Content Now Available Freely to all DailyFX Users

Real Time News
  • Greed has proven to be a hindrance more than assistance for traders. How does greed lead to #FOMOintrading? Find out from @RichardSnowFX here: https://t.co/aT8TZjlFqP https://t.co/Le8Qx6OOwV
  • $GBPUSD at the moment break-even straddles = 152pips meaning that for option traders to realize gains, the spot price must see a move greater than 152pips. Get your market update from @JMcQueenFX here: https://t.co/odj2lLRrGf https://t.co/RXCBwHGluG
  • $EURGBP has fallen over 6% since August and is now rapidly approaching a critical support level not reached since May. Will a break below accelerate the aggressive selloff? Find out from @ZabelinDimitri here: https://t.co/CBM8Fg7vM0 https://t.co/0yDnEpzQqR
  • The #Euro is struggling for direction against the US Dollar but the near-term downtrend guiding it lower since late June remains firmly intact. Where is $EURUSD heading? Get your technical analysis from @IlyaSpivak here: https://t.co/us6AINmuoe https://t.co/J4hQtyprYf
  • $DXY & $SPX500 hold steady after #FED rate cut. Get your update from @JohnKicklighter here: https://t.co/vqXlKCMDYA
  • Dow Jones & Dax 30 levels to watch ahead of the fed from @PeterHanksFX here: https://t.co/iUIrsygKz2
  • The politics of the US and UK may be starkly divided but their grip on the vast, $6.6 trillion global foreign exchange trade seems as tight as ever. Get your market update from @DavidCottleFX here:https://t.co/xTKHOvrIqg https://t.co/vtHhdnF82Q
  • How can confidence in trading help with avoiding #FOMOintrading? Find out from @WVenketas here: https://t.co/MY7j9ISn4S https://t.co/n7XwfiDZz2
  • The week saw a slightly more dovish than expected RBA minutes increase the importance of the latest labour market report, which showed an uptick in the unemployment rate to 5.3%. Where is $AUDUSD heading? Find out from @JMcQueenFX here: https://t.co/odj2lLRrGf https://t.co/gmGjlGBvjv
  • #OOTT https://t.co/TLgP7dUqFv
USD/MYR, USD/IDR and USD/PHP May Reverse. SGD Sits Within Support

USD/MYR, USD/IDR and USD/PHP May Reverse. SGD Sits Within Support

2019-02-28 03:00:00
Daniel Dubrovsky, Analyst
Share:

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

  • Malaysian Ringgit and Indonesian Rupiah face reversal candlestick patterns
  • USD/PHP kept falling but is overshadowed by fading downside momentum
  • The Singapore Dollar overturned a reversal pattern as it sits within support

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

USD/MYR Technical Analysis – Bullish Reversal Pattern Brewing

The Malaysian Ringgit struggled to breach support against the US Dollar at 4.0650 as expected. Positive RSI divergence overshadowed USD/MYR’s attempt to resume the dominant downtrend. This showed fading downside momentum and it could precede a turn higher. Furthermore, a falling wedge candlestick pattern is brewing. This is typically a bullish reversal pattern. A turn higher would place near-term resistance at 4.0925. For updates on the ASEAN pairs that I am closely watching, you may follow me on Twitter @ddubrovskyFX for updates in the interim.

USD/MYR Daily Chart

USD/MYR, USD/IDR and USD/PHP May Reverse. SGD Sits Within Support

USD/IDR Technical Analysis – Inverse Head and Shoulders

Another bullish reversal pattern seems to be brewing in an ASEAN currency, the Indonesian Rupiah. USD/IDR’s downtrend is overshadowed by an inverse head and shoulders candlestick formation. Prices have just rebounded on the right shoulder, aiming towards the neckline which is sloping downward from January highs. Pushing above this would open the door to testing resistance at 14396. Meanwhile, clearing support exposes the head of the formation which is a range between 13848 – 13923. With that said, IDR weakness could be fundamentally countered by intervention from the Bank of Indonesia.

USD/IDR Daily Chart

USD/MYR, USD/IDR and USD/PHP May Reverse. SGD Sits Within Support

USD/PHP Technical Analysis – Fading Downside Momentum

USD/PHP cleared a support range between 51.93 and 52.00 pointed out last week, opening the door to resuming the dominant downtrend. However, positive RSI divergence is showing here too which ought to be a sign of caution for Philippine Peso bulls. The pair is sitting right on 51.78 which was a support area from February to April 2018. If it holds, the pair may climb to test the near-term falling resistance line from the middle of February 2019. Otherwise, descending exposes support at 51.62 next.

USD/PHP Daily Chart

USD/MYR, USD/IDR and USD/PHP May Reverse. SGD Sits Within Support

USD/SGD Technical Analysis – Bullish Reversal Pattern Fell Apart

Last week, I noted an inverse head and shoulder in USD/SGD. Since then, the Singapore Dollar gained against its US counterpart as it overturned the candlestick formation. It remains within a support range between 1.3443 and 1.3489. Clearing it would expose the rising trend line from January 2018. On the other hand, if USD/SGD turns higher, then it must contend with multiple descending resistance lines pointed out on the chart below.

USD/SGD Daily Chart

USD/MYR, USD/IDR and USD/PHP May Reverse. SGD Sits Within Support

**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

provides forex news and technical analysis on the trends that influence the global currency markets.

DISCLOSURES

News & Analysis at your fingertips.