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
Subscribe
Please try again
EUR/USD
Bullish
Oil - US Crude
Mixed
Wall Street
Bearish
Gold
Mixed
GBP/USD
Mixed
USD/JPY
Mixed
More View more
Real Time News
  • (Sentiment Weekly) Dow Jones, S&P 500 Outlook: Rising Long Bets, Bearish Technical Signs Worrying Recording of today's webinar also in the article below #DowJones #SP500 https://www.dailyfx.com/forex/technical/article/special_report/2021/05/12/Dow-Jones-SP-500-Outlook-Rising-Long-Bets-Bearish-Technical-Signs-Worrying.html?CHID=9&QPID=917702&utm_source=Twitter&utm_medium=Dubrovsky&utm_campaign=twr https://t.co/3CEmvEwmnv
  • Did you know a Doji candlestick signals market indecision and the potential for a change in direction. What are the top five types of Doji candlesticks? Find out https://t.co/c51s3IBcEu https://t.co/lLNE9eI4NT
  • Commodities Update: As of 02:00, these are your best and worst performers based on the London trading schedule: Oil - US Crude: 0.10% Gold: -0.38% Silver: -0.81% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/D02uNrtXBx
  • RT @tracyalloway: Yields on the junkiest of junk bonds (CCC-rated) hit another all-time low, coming in at just 5.66%. https://t.co/qGi3ETjG…
  • RT @FxWestwater: Euro Technical Forecast: $EURUSD, $EURAUD, $EURJPY Charts to Watch Link: https://www.dailyfx.com/forex/market_alert/2021/05/12/Euro-Technical-Forecast-EURUSD-EURNZD-EURAUD-Charts-to-Watch.html?CHID=9&QPID=917708&utm_source=Twitter&utm_medium=Westwater&utm_campaign=twr https://t.co/fa6WSjjYpM
  • Forex Update: As of 02:00, these are your best and worst performers based on the London trading schedule: 🇨🇦CAD: -0.08% 🇪🇺EUR: -0.10% 🇨🇭CHF: -0.13% 🇯🇵JPY: -0.20% 🇳🇿NZD: -0.31% 🇦🇺AUD: -0.32% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/d3C8KTv536
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Silver are long at 89.21%, while traders in GBP/USD are at opposite extremes with 68.58%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/shh3jAwo7Z
  • 🇦🇺 Building Permits MoM Final (MAR) Actual: 17.4% Expected: 17.4% Previous: 20.1% https://www.dailyfx.com/economic-calendar#2021-05-12
  • Biden EPA expands fuel waivers to blunt gas shortages - BBG #OOTT $CL_F
  • The US Dollar is still struggling against most ASEAN currencies. USD/SGD remains downside-focused despite recent gains. USD/THB is eyeing a triangle. USD/IDR and USD/PHP may point lower. https://t.co/s3c3Mhvq6F
USDMYR Upside Breakout Struggles, USDSGD and USDIDR Uptrend Eyed

USDMYR Upside Breakout Struggles, USDSGD and USDIDR Uptrend Eyed

Daniel Dubrovsky, Strategist

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

  • USD/MYR upside breakout could struggle to find follow-through
  • Singapore Dollar uptrend eyed via the USD/SGD rising channel
  • USD/IDR uptrend eyes resistance, USD/PHP rise may fall short

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

USD/MYR Technical Outlook

USD/MYR is attempting a break above near-term resistance at 4.1448 which if confirmed, may extend the dominant uptrend from March. This was initiated via the Falling Wedge bearish formation coupled with positive RSI divergence. This time, negative RSI divergence, which shows fading upside momentum, hints that the Malaysian Ringgit may appreciate in the near-term. As such, the push higher in USD/MYR ought to be treated with caution despite dovish support from a rate cut from Bank Negara Malaysia. Turning lower places support at what could be a potential rising trend line from the middle of March (pink line below).

USD/MYR Daily Chart

USDMYR Upside Breakout Struggles, USDSGD and USDIDR Uptrend Eyed

USD/SGD Technical Outlook

The Singapore Dollar brushed off the Shooting Star from last week which warned of indecision. The lack of confirmation via further closes lower overturned this potential bearish warning in USD/SGD. Rather, the focus now seems to be on a rising channel going back to late March which is represented by the blue parallel lines below. Negative RSI divergence warns of a turn lower which places support as the floor of the rising channel. However, the cautious uptrend from late March could still hold in the medium-term with resistance just under 1.3658.

USD/SGD Daily Chart

USDMYR Upside Breakout Struggles, USDSGD and USDIDR Uptrend Eyed

USD/IDR Technical Outlook

USD/IDR extended its uptrend from late April following the push above the falling trend line from December, also brushing off a Shooting Star candle. The Indonesian Rupiah thus finds itself sitting under immediate resistance at 14340. Meanwhile, just under it is a rising support line from late April which if broken, opens the door to testing 14255. Otherwise, extending its advance opens the door to testing 14646. You may feel free to follow me on Twitter @ddubrovskyFXfor timely updates on ASEAN currencies.

USD/IDR Daily Chart

USDMYR Upside Breakout Struggles, USDSGD and USDIDR Uptrend Eyed

USD/PHP Technical Outlook

USD/PHP has been struggling to achieve upside follow-through after pushing above the near-term falling resistance line from the middle of March (red dotted line below). The Philippine Peso has largely been tamed by a downward-sloping resistance range from the same time (parallel pink lines below). If USD/PHP does breakout higher, it may struggle to find follow-through as a range of resistance (52.24 – 52.37) keeps the currency pair at bay. A turn lower has support eyed as a range between 51.59 and 51.69.

USD/PHP Daily Chart

USDMYR Upside Breakout Struggles, USDSGD and USDIDR Uptrend Eyed

**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