USD/MYR Outlook Bullish. USD/IDR, USD/PHP Inch Closer to Breakout
ASEAN Technical Outlook – USD/PHP, USD/SGD, USD/IDR, USD/MYR
- US Dollar may rise against the Malaysian Ringgit ahead
- USD/SGD continues adhering to range-bound trade
- USD/IDR, USD/PHP inching closer to technical breaks
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USD/MYR Technical Outlook: Bullish
The US Dollar may be getting ready to make a push higher against the Malaysian Ringgit. On the chart below, a falling wedge bullish reversal pattern has been brewing in USD/MYR since February. A break above the descending resistance line of the formation may open the door for a test of resistance just under 4.0950. Otherwise, near-term support appears to be at 4.0550.
USD/MYR Daily Chart
USD/SGD Technical Outlook: Neutral
USD/SGD continues trading within a well-defined range between 1.3616 and 1.3444 since the turn of 2019. Recently, the pair aimed higher in its oscillation after the latter area held. Up next, it faces a falling trend line from October which may hold, sending the Singapore Dollar appreciating against its US counterpart.For more immediate updates in SGD’s consolidation and on ASEAN FX, follow me on Twitter here @ddubrovskyFX.
USD/SGD Daily Chart
USD/IDR Technical Outlook: Neutral
USD/IDR finds itself wedged between intersecting trend lines. Resistance is a falling one from December while rising support goes back to February (red dashed line). As such, the pair is running out of room to consolidate as we await a technical break. Clearing resistance exposes 14340 while descending through support opens the door to testing 14089.
USD/IDR Daily Chart
USD/PHP Technical Outlook: Neutral
The Philippine Peso has arguably spent the past two weeks consolidating against the US Dollar after bottoming in early March. A closer look shows that USD/PHP could have room to rise if it adheres to the rising support line from its bottom (rising red line below). But the pair faces critical resistance up until 53.03, making the path to the upside difficult. Near-term support seems to be at 52.55.
USD/PHP Daily Chart
**All Charts Created in TradingView
Read this week’s ASEAN fundamental outlook to learn about the underlying drivers for these currencies!
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--- 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.