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

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

Daniel Dubrovsky, Strategist

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

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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!

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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.

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