Never miss a story from Daniel Dubrovsky

Subscribe to receive daily updates on publications
Please enter valid First Name
Please fill out this field.
Please enter valid Last Name
Please fill out this field.
Please enter valid email
Please fill out this field.
Please select a country

I’d like to receive information from DailyFX and IG about trading opportunities and their products and services via email.

Please fill out this field.

Your Forecast Is Headed to Your Inbox

But don't just read our analysis - put it to the rest. Your forecast comes with a free demo account from our provider, IG, so you can try out trading with zero risk.

Your demo is preloaded with £10,000 virtual funds, which you can use to trade over 10,000 live global markets.

We'll email you login details shortly.

Learn More about Your Demo

You are subscribed to Daniel Dubrovsky

You can manage your subscriptions by following the link in the footer of each email you will receive

An error occurred submitting your form.
Please try again later.

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

  • USD/PHP may be readying up for a new uptrend next
  • USD/MYR uptrend is taking a break under resistance
  • USD/SGD aiming for range ceiling as USD/IDR rises

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

USD/PHP Technical Outlook

The Philippine Peso weakened against the US Dollar after support held above 51.59, sending USD/PHP prices reversing above a falling resistance line from the middle of March (red line on chart below). This occurred amidst a surge in crude oil prices on Iranian supply disruption fears. PHP is aiming for a close above near-term resistance at 52.12. If cleared and confirmed, this may open the door to testing 52.55 in the medium-term. Feel free to follow me on Twitter @ddubrovskyFXfor more timely updates on ASEAN currencies.

USD/PHP Daily Chart

USD/PHP Uptrend Ahead? USD/SGD Aims for Range Ceiling, Breakout?

USD/MYR Technical Outlook

Extensive weakness in the Malaysian Ringgit seems to have taken a pause. USD/MYR’s uptrend since late March was unable to clear the psychological barrier at 4.1448, as noted in last week’s outlook. This does come after confirming closes above the descending trend line from November (blue-dashed line below). Clearing resistance will be needed to confirm uptrend extension. But, the close under the near-term rising support line from early April (rising red line below) warns of a turn lower towards the next barrier at 4.1070.

USD/MYR Daily Chart

USD/PHP Uptrend Ahead? USD/SGD Aims for Range Ceiling, Breakout?

USD/SGD Technical Outlook

Meanwhile, the Singapore Dollar is coming under pressure from its US counterpart as USD/SGD remains in prolonged consolidation mode since the beginning of this year. Recent price action hints that the Singapore Dollar may weaken further towards range resistance at 1.36155. If cleared, this may overturn the dominant downtrend from November. Afterall, the pair has managed a close above the falling trend line from then (red line on chart below). Otherwise, near-term support appears to be at 1.3516.

USD/SGD Daily Chart

USD/PHP Uptrend Ahead? USD/SGD Aims for Range Ceiling, Breakout?

USD/IDR Technical Outlook

The Indonesian Rupiah appears to be aiming for another retest of the well-defined falling resistance line from December. This comes after near-term support at 14010 held, stemming USD/IDR declines after closing under the rising trend line from February (red-dashed line below). If resistance is broken, this may open the door to testing the psychological barrier just under 14340. Otherwise, support appears to be above 13848.

USD/IDR Daily Chart

USD/PHP Uptrend Ahead? USD/SGD Aims for Range Ceiling, Breakout?

**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