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

  • US Dollar may extend advance versus the Malaysian Ringgit
  • USD/PHP, USD/IDR may turn lower after clearing support
  • Next USD/SGD trend brewing as falling resistance stems gains

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USD/MYR Technical Outlook: Bullish

The Malaysian Ringgit may be on the verge of extending declines against the US Dollar as USD/MYR’s dominant downtrend looks increasingly vulnerable. I have been closely following the break above the Falling Wedge, which is typically a bullish pattern, over the past few weeks. Now, critical resistance is being tested at 4.095 which if broken, may open the door to testing 4.107. Meanwhile, a near-term rising support line from late March seems to be guiding the pair higher.

USD/MYR Daily Chart

US Dollar to Gain Versus Malaysian Ringgit? USDPHP, USDIDR May Fall

USD/IDR Technical Outlook: Bearish

After much consolidation between converging trend line, USD/IDR seems to be a step closer towards picking its direction, and it may be lower. The Indonesian Rupiah took out rising support from February, opening the door to testing 14089. A close under this psychological area exposes 14010 before the current 2019 lows. On the flipside, keep a close eye on the falling trend line from December which may stem a turn higher. If the pair does clear it, USD/IDR may then find itself testing resistance at 14340.

USD/IDR Daily Chart

US Dollar to Gain Versus Malaysian Ringgit? USDPHP, USDIDR May Fall

USD/PHP Technical Outlook: Bearish

Like the Rupiah, the Philippine Peso also seems to be on the verge of appreciating against the US Dollar next. USD/PHP cleared support at 51.12, opening the door to testing 51.69 which would prolong the downtrend that followed the break under rising support from March. Otherwise, a turn higher exposes a falling resistance line from early March which is closely aligned with a psychological barrier around 52.55. If these are broken, 52.87 may be the next target.

USD/PHP Daily Chart

US Dollar to Gain Versus Malaysian Ringgit? USDPHP, USDIDR May Fall

USD/SGD Technical Outlook: Neutral

The Singapore Dollar continues consolidating against its US counterpart after a bounce on support around 1.3444 in late March opened the door to testing resistance just under 1.3616. USD/SGD is struggling to climb at this point as a falling trend line from late October seems to be pressuring the pair lower (red line on the chart below).

If it holds, then USD/SGD could soon be looking to test near-term support again. For the time being, its next potential dominant trend is still brewing. Until a breakout occurs, feel free to follow me on Twitter here @ddubrovskyFXfor more timely ASEAN FX updates.

USD/SGD Daily Chart

US Dollar to Gain Versus Malaysian Ringgit? USDPHP, USDIDR May Fall

**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