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
Bearish
Oil - US Crude
Mixed
Wall Street
Bearish
Gold
Mixed
GBP/USD
Bearish
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
More View more
Real Time News
  • A currency carry trade involves borrowing a low-yielding currency in order to buy a higher yielding currency in an attempt to profit from the interest rate differential. Find out if the carry trade suits your trading style here: https://t.co/7t4BzmLg8w https://t.co/k2YkjBeSdW
  • RT @FxWestwater: Australian Dollar, APAC Markets Focus on Bond Yields to Start March Link: https://www.dailyfx.com/forex/fundamental/daily_briefing/daily_pieces/asia_am_briefing/2021/03/01/Australian-Dollar-APAC-Markets-Focus-on-Bond-Yields-to-Start-March.html?CHID=9&QPID=917708&utm_source=Twitter&utm_medium=Westwater&utm_campaign=twr $AUDUSD https://t.co/py…
  • 🇦🇺 Investment Lending for Homes (JAN) Actual: 9.4% Previous: 8.2% https://www.dailyfx.com/economic-calendar#2021-03-01
  • 🇦🇺 Home Loans MoM (JAN) Actual: 10.9% Previous: 8.7% https://www.dailyfx.com/economic-calendar#2021-03-01
  • Wall Street IG Client Sentiment: Our data shows traders are now net-long Wall Street for the first time since Feb 01, 2021 when Wall Street traded near 30,246.40. A contrarian view of crowd sentiment points to Wall Street weakness. https://www.dailyfx.com/sentiment https://t.co/Qv5JIJxF2M
  • Aussie 10-year yield extends drop to 32 basis points after RBA buy notice - BBG $AUD
  • RBA to buy A$4 billion of longer-dated bonds, double usual size - BBG $AUD
  • Heads Up:🇦🇺 Investment Lending for Homes (JAN) due at 00:30 GMT (15min) Previous: 8.2% https://www.dailyfx.com/economic-calendar#2021-03-01
  • Heads Up:🇦🇺 Home Loans MoM (JAN) due at 00:30 GMT (15min) Previous: 8.7% https://www.dailyfx.com/economic-calendar#2021-03-01
  • 🇰🇷 Balance of Trade (FEB) Actual: $2.71B Previous: $3.76B https://www.dailyfx.com/economic-calendar#2021-03-01
ASEAN FX Chart Analysis: USDPHP Bottoms? USDSGD Downtrend Struggles

ASEAN FX Chart Analysis: USDPHP Bottoms? USDSGD Downtrend Struggles

Daniel Dubrovsky, Strategist

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

  • USDPHP bottoms as anticipated, USDMYR descent turns?
  • USDSGD stuck between key support and resistance levels
  • Indonesian Rupiah cautious gains to continue at slow pace?

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.

USDPHP Technical Outlook

As anticipated, the Philippine Peso weakened against the US Dollar after USDPHP struggled clearing near-term support. That is a range between 51.59 and 51.69 which also encompasses lows achieved back in May 2018. Prices did however struggle clearing immediate resistance around 52.12 on the chart below.

If that area is broken ahead, that would expose 52.37. Otherwise, resuming losses since the middle of May opens the door for another retest of 51.59. For timely fundamental and technical updates on ASEAN currencies, you may follow me on Twitter here @ddubrovskyFX.

USDPHP Daily Chart

ASEAN FX Chart Analysis: USDPHP Bottoms? USDSGD Downtrend Struggles

USDMYR Technical Outlook

Against the Malaysian Ringgit, the US Dollar appears to be making a slight reversal to the upside after USDMYR adhered to a near-term rising support line from late April. If it holds, this could lead to a retest of a key psychological barrier between 4.1800 and 4.1855.

On the flip side, falling through the rising trend line (red line below) exposes the next area of support which appears to be around 4.1448. This price, since December, has acted as both support and resistance on multiple occasions. This would also follow the break under the rising trend line from early April (red dashed line).

USDMYR Daily Chart

ASEAN FX Chart Analysis: USDPHP Bottoms? USDSGD Downtrend Struggles

USDSGD Technical Outlook

Meanwhile, USDSGD has made cautious progress to the downside following the break under the rising trend line from the middle of April. Prices have slowed their descent after a key support range between 1.3608 and 1.3616 prevented a breakout to the downside.

This leaves the Singapore Dollar oscillating against its US counterpart, stuck between that and near-term resistance around 1.3658. A breakout to the downside exposes 1.3575 while reversing recent losses opens the door to retesting 1.3774, which is the December 2018 high.

USDSGD Daily Chart

ASEAN FX Chart Analysis: USDPHP Bottoms? USDSGD Downtrend Struggles

USDIDR Technical Outlook

Similar to what we have seen in the Singapore Dollar, the Indonesian Rupiah has also slowed its gains against the Greenback. USDIDR sits just under the late-March high at 14255 which acted as support during the early days of June. This has opened the door to continued cautious progress to the downside until we reach the next area of support around 14155. Otherwise, turning higher exposes the next area of resistance around 14340.

USDIDR Daily Chart

ASEAN FX Chart Analysis: USDPHP Bottoms? USDSGD Downtrend Struggles

**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