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
EUR/USD
Mixed
Oil - US Crude
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
Wall Street
Bearish
Gold
Mixed
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
GBP/USD
Mixed
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
Mixed
More View more
Real Time News
  • There are three major forex trading sessions which comprise the 24-hour market: the London session, the US session and the Asian session. Learn about the characteristics of each session here: https://t.co/UVvf51HiVP https://t.co/yywnE39MLU
  • The US Dollar is losing ground against ASEAN FX, with USD/SGD and USD/IDR possibly readying to extend declines. Will USD/PHP and USD/MYR follow? Find out from @ddubrovskyFX here: https://t.co/l705RWumj5 https://t.co/jBbMKYp0F5
  • There are many different types of forex orders, which traders use to manage their trades. While these may vary between different brokers, there tends to be several basic FX order types all brokers accept. Learn about different FX order types here: https://t.co/lIJdiz4xSz https://t.co/YUhC9cCDpy
  • The US Dollar has spent much of October giving back September’s gains. Is there any hope for change? Get your #currencies update from @JStanleyFX here: https://t.co/3EHa6PV5yH https://t.co/PrP9J2klJk
  • Traders utilize varying time frames to speculate in the forex market. The two most common are long- and short-term-time frames which transmits through to trend and trigger charts. Learn more about time-frame analysis here: https://t.co/UalZ8cRSXB https://t.co/wDVd2QvcjO
  • The longer-term EUR/USD outlook will hinge on Thursday’s ECB guidance; any hint of a further easing of Eurozone monetary policy would weaken it, but that is far from guaranteed. Get your #currencies update from @MartinSEssex here: https://t.co/RmHCfIwdqp https://t.co/hvETa6mtft
  • Traders tend to overcomplicate things when they’re starting out in the forex market. This fact is unfortunate but undeniably true. Simplify your trading strategy with these four indicators here:https://t.co/A4dqGMPylo https://t.co/M8WTvZgx2K
  • The Australian Dollar was under selling pressure this past week, but it held its ground. Bearish patterns brew in AUD/USD and AUD/JPY. Will EUR/AUD, GBP/AUD try to break higher again? Get your #currencies update from @ddubrovskyFX here: https://t.co/04kzJSqgNG https://t.co/ulPk1UneMM
  • Stocks are set to endure a string of data releases with market-moving potential in the week ahead in the form of tech earnings, European GDP and more, even as the US Presidential election clamors for the spotlight. #equities update from @PeterHanksFX here https://t.co/R6tpEvfXJb https://t.co/7koHTyh2AK
  • As we round our way towards a new week, Cable is within the confines of a bullish structure with beginnings back in September. Get your #currencies update from @PaulRobinsonFX here: https://t.co/NIbRTVmjqq https://t.co/zYma4Iq4dP
USD/MYR Downtrend at Risk as USD/SGD, USD/PHP and USD/INR Follow

USD/MYR Downtrend at Risk as USD/SGD, USD/PHP and USD/INR Follow

2019-08-01 05:00:00
Daniel Dubrovsky, Analyst
Share:

USD/MYR, USD/SGD, USD/PHP,USD/INR Talking Points

  • USD/MYR may reverse the 2-month downtrend
  • USD/SGD uptrend may accelerate to May highs
  • USD/PHP and USD/INR may follow higher too

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

The USD/MYR dominant downtrend from the end of May is at risk after the FOMC rate decision fueled gains in the US Dollar. On the first chart below, the Greenback is on course to close at its highest against the Malaysian Ringgit since late June, taking out the falling trend line from late May. Confirming a close above resistance at 4.1448 then exposes 4.1550 with near-term support around 4.1250.

USD/MYR Daily Chart

USD/MYR Downtrend at Risk as USD/SGD, USD/PHP and USD/INR Follow

USD/SGD Technical Outlook

Against the Singapore Dollar, the Greenback is facing a similar situation. The USD/SGD accelerated its uptrend from late June after taking out key resistance last week – as anticipated. After clearing 1.3725 on the chart below, this has exposed the next psychological barrier between 1.3808 and 1.3836 which are the late May highs. This is while being guided higher by the near-term rising trend line from the middle of July.

USD/SGD Daily Chart

USD/MYR Downtrend at Risk as USD/SGD, USD/PHP and USD/INR Follow

USD/SGD Chart Created in TradingView

USD/PHP Technical Outlook

Lately the Philippine Peso has been in consolidation mode against the US Dollar after bottoming in the middle of July. The USD/PHP is struggling to find its next direction around well-defined, long-term rising support from 2013. Positive RSI divergence on the chart below does show decreasing downside momentum. This may result in a push towards resistance at 51.29 which if cleared, exposes 51.50.

USD/PHP Daily Chart

USD/MYR Downtrend at Risk as USD/SGD, USD/PHP and USD/INR Follow

USD/PHP Chart Created in TradingView

USD/INR Technical Outlook

Meanwhile, the US Dollar struggled to make further upside progress against the Indian Rupee as USD/INR approached key resistance barriers. Prices are attempting to push higher into a psychological area that consists of falling trend lines from October and November of 2018. This is marked as the pink area on the USD/INR chart below. Clearing it exposes 69.97 with near-term support at 68.68.

USD/INR Daily Chart

USD/MYR Downtrend at Risk as USD/SGD, USD/PHP and USD/INR Follow

USD/INR Chart Created in TradingView

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