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.

Free Trading Guides
EUR/USD
Bullish
GBP/USD
Bullish
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
USD/JPY
Bullish
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
Gold
Mixed
Oil - US Crude
Mixed
Bitcoin
Bullish
More View more
Real Time News
  • The Singapore Dollar is driven by the Monetary Authority of Singapore, which manages exchange rate instead of short-term interest rates. Learn more on the $SGD and how to trade it. Get your update from @ddubrovskyFX here: https://t.co/eWLM9XZs5Y https://t.co/OWuwGML4Ch
  • RT @FT: Huawei admits that US sanctions are hurting https://t.co/GIT4XSfszx
  • RT @WSJecon: Mexico’s inflation eased in September, coming in line with the Bank of Mexico’s 3% target for the first time in three years ht…
  • My phone's decided to give up the ghost and I've been phoneless for 24 hours. Not coincidentally, I've been a machine tackling errands around the house. What a time to be alive.
  • #Gold remains stuck in a range as a range of conflicting forces battle and fail to take control of price action. Get your $gld market update from @nickcawley1 here: https://t.co/pw7UjkUyqH $XAUUSD https://t.co/YD8L6knjhe
  • Geopolitical developments send oil prices soaring or falling. Get your market update here: https://t.co/0znHZPvPON https://t.co/s358dvMBeR
  • Currency markets may be battered by breakneck volatility if a slowdown in global economic growth triggers a collapse in the fragile market for collateralized loan obligations (CLOs). Get your market update from @ZabelinDimitri here:https://t.co/KfjjtaXs7b https://t.co/sWeSlv33pb
  • The #Dow Jones and #Nasdaq 100 will await key earnings from some of the world’s largest manufacturers and tech companies while the #DAX grapples with freshly-imposed tariffs. Get your equities market update from @PeterHanksFX Here: https://t.co/u2lG19JFt3 https://t.co/OHs4rQEH7T
  • Crude #oil prices are consolidating above a key support zone we’ve been tracking for more-than three months now. Get your market update from @MBForex here: https://t.co/XaACvEpLG4 #OOTT https://t.co/XjmjUt4Par
  • Why trade with Bollinger Bands®? Find out as a day trader, how you can use it to your advantage:https://t.co/dwODDDSsFi @WVenketas https://t.co/SYduJ5k9mL
ASEAN FX Chart Analysis: USD/PHP to Reverse at Support? MYR Tops?

ASEAN FX Chart Analysis: USD/PHP to Reverse at Support? MYR Tops?

2019-06-06 01:00:00
Daniel Dubrovsky, Analyst
Share:

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

  • Will critical support reverse the USDPHP downtrend?
  • The US Dollar is weakening against ASEAN currencies
  • USDMYR, USDSGD and USDIDR downtrend eyed

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/PHP Technical Outlook

The US Dollar is losing ground against the Philippine Peso as Fed rate cut bets sour the appeal of the Greenback. Declines in USDPHP since the middle of May has left the currency pair sitting at a key technical juncture. This is a range of support between 51.59 and 51.69 which goes back to lows achieved back in May 2018. This area was tested back in March and April, holding both times and preceding a turn higher.

If this holds true, USDPHP could be on the verge of rising, eyeing near-term resistance around 52.12. If that area is broken, keep an eye on 52.37 and then the May peak at 52.73. Otherwise, resuming losses exposes the January/February 2018 psychological level around 51.16. For timely fundamental and technical updates on ASEAN currencies, you may follow me on twitter here @ddubrovskyFX.

USD/PHP Daily Chart

ASEAN FX Chart Analysis: USD/PHP to Reverse at Support? MYR Tops?

USD/MYR Technical Outlook

Meanwhile, USDMYR could be looking at extending declines following a Shooting Star candlestick that was followed by downside confirmation. The Malaysian Ringgit is now eyeing what could be a potential rising support line going back to March. If broken, that will expose support at 4.1448. Otherwise, near-term resistance is at 4.1855 and then 4.2000.

USD/MYR Daily Chart

ASEAN FX Chart Analysis: USD/PHP to Reverse at Support? MYR Tops?

USD/SGD Technical Outlook

The Singapore Dollar fell under a rising support line from April, opening the door to further weakness in USDSGD. Technical confirmation overturning the dominant uptrend from March may come from clearing support at 1.3658 next. That would expose the next psychological barrier between 1.3608 and 1.3616 followed by 1.3575.

USD/SGD Daily Chart

ASEAN FX Chart Analysis: USD/PHP to Reverse at Support? MYR Tops?

USD/IDR Technical Outlook

Like its other ASEAN counterparts, USDIDR has extended declines after peaking in late May around 14520. After it cleared the near-term rising support line from April, it opened the door to Indonesian Rupiah appreciation. This has left USDIDR sitting right at support at 14255, extending declines would open the door to testing 14155 ahead with near-term resistance at 14340.

USD/IDR Daily Chart

ASEAN FX Chart Analysis: USD/PHP to Reverse at Support? MYR Tops?

**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, 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

News & Analysis at your fingertips.