News & Analysis at your fingertips.

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.

0

Notifications

Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
EUR/USD
Bearish
Oil - US Crude
Mixed
Wall Street
Mixed
Gold
Bearish
GBP/USD
Bearish
USD/JPY
Bullish
More View more
Real Time News
  • There is a great debate about which type of analysis is better for a trader. Is it better to be a fundamental trader or a technical trader? Find out here: https://t.co/aVAzFypAg1 https://t.co/7mc19Gxrvm
  • #Gold prices succumbed to selling pressure as the US Dollar soared this past week What is #XAUUSD facing these next few days and can these fundamental forces extend its selloff? Check out my outlook here - https://www.dailyfx.com/forex/fundamental/forecast/weekly/chf/2020/09/26/Gold-Price-Outlook-Rising-US-Dollar-Sinks-XAUUSD-Will-Losses-Extend.html?CHID=9&QPID=917702&utm_source=Twitter&utm_medium=Dubrovsky&utm_campaign=twr https://t.co/gPhy0KoW3W
  • GDP (Gross Domestic Product) economic data is deemed highly significant in the forex market. GDP figures are used as an indicator by fundamentalists to gauge the overall health and potential growth of a country. Learn use GDP data to your advantage here: https://t.co/38gTDnpPbn https://t.co/Xtk5g4JQEB
  • Many people are attracted to forex trading due to the amount of leverage that brokers provide. Leverage allows traders to gain more exposure in financial markets than what they are required to pay for. Learn about FX leverage here: https://t.co/3Wked6GBOp https://t.co/SsUguHB39W
  • Key levels in forex tend to draw attention to traders in the market. These are psychological prices which tie into the human psyche and way of thinking. Learn about psychological levels here:https://t.co/1oygcFMFNs https://t.co/aD1ZWhTWZp
  • The price of #oil may continue to trade in a narrow range as the rebound from the September low ($36.13) appears to have stalled ahead of the month high ($43.43). Get your #commodities update from @DavidJSong here: https://t.co/719LgjFmYG https://t.co/SSoqjONUzA
  • The Australian Dollar may extend its slide lower despite the planned easing of Covid-19 restrictions, as the market continues to price in an RBA rate cut on October 6. Get your #currencies update from @DanielGMoss here: https://t.co/HJpngnerzY https://t.co/g6X8ABQDwY
  • The Indian Rupee may be at risk to the US Dollar as USD/INR attempts to refocus to the upside. This is as the Nifty 50, India’s benchmark stock index, could fall further. Get your USD/INR market update here:https://t.co/ed4QR7QQOn https://t.co/gDWYNtm2UY
  • Technical indicators are chart analysis tools that can help traders better understand and act on price movement. Learn more about the importance of technical analysis here: https://t.co/NpC1D8y4Aa https://t.co/Q7TcbrYXjl
  • #Gold prices have plunged nearly 11% off the record highs with a breakout risking further losses. Here are technical trade levels that matter on the XAU/USD weekly chart. Get your #metals update from @MBForex here: https://t.co/7p3jPx6nQd https://t.co/yxymjCHti6
Malaysian Ringgit Losses May Extend. USD/PHP Breakout Eyes Support

Malaysian Ringgit Losses May Extend. USD/PHP Breakout Eyes Support

2019-04-17 05:00:00
Daniel Dubrovsky, Analyst
Share:

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

  • Malaysian Ringgit weakens to lowest since January against USD
  • USD/PHP failed to breach critical support as it awaits breakout
  • USD/IDR may be aiming lower as USD/SGD narrows oscillation

Trade all the major global economic data live as it populates in the economic calendar and follow the live coverage for key events listed in the DailyFX Webinars. We’d love to have you along.

USD/MYR Technical Outlook

The Malaysian Ringgit has weakened to its lowest point against the US Dollar since January, with USD/MYR having recently experienced its largest gain in a single day (+0.55%) since November 2016. The pair has not only cleared a bullish reversal pattern, but it is now above the falling resistance line from November. The next phase in resuming the dominant uptrend involves taking out the psychological barrier at 4.1448 which if cleared, opens the door to December highs. Near-term support is at 4.13. Feel free to follow me on Twitter here @ddubrovskyFXfor more timely updates on ASEAN currencies.

USD/MYR Daily Chart

Malaysian Ringgit Losses May Extend. USD/PHP Breakout Eyes Support

USD/PHP Technical Outlook

Meanwhile, USD/PHP came close to resuming the dominant downtrend from its top in October after support held above 51.59. The pair has since bounced back to a trend line from late January that has at this point acted both as resistance and support. Should the Philippine Peso weaken against the US Dollar, near-term resistance seems to be at 52.12. If USD/PHP on the other hand manages to turn lower and clear the psychological barrier, there may be few roadblocks to stop it from touching 51.16 (late January 2018 highs/February 2018 lows).

USD/PHP Daily Chart

Malaysian Ringgit Losses May Extend. USD/PHP Breakout Eyes Support

USD/IDR Technical Outlook

As USD/IDR is eyeing the Indonesian General Election, the falling resistance line from December (pink line on the chart below) seems to be keeping the dominant downtrend intact. After the Indonesian Rupiah gained against the US Dollar, the pair broke under a rising support line from February. This has opened the door to extending declines with the next psychological barrier eyed at 14010. Should USD/IDR fall through it, it will then be eyeing a range of support between 1348 and 13923.

USD/IDR Daily Chart

Malaysian Ringgit Losses May Extend. USD/PHP Breakout Eyes Support

USD/SGD Technical Outlook

The Singapore Dollar still finds itself in a familiar range-bound trade against the US Dollar, even despite a relatively cautious MAS monetary policy announcement. In fact, USD/SGD oscillation seems to have narrowed to a boundary between support at 1.3516 and resistance at 1.3575. This is while at the same time, getting stuck on the falling trend line from October 2018 (red line on the chart below). A descent opens the door to testing 1.3472 while rising exposes 1.3608.

USD/SGD Daily Chart

Malaysian Ringgit Losses May Extend. USD/PHP Breakout Eyes 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

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

DISCLOSURES