Will Explosive US Dollar Gains Continue Versus MYR, SGD, PHP, IDR?
USD/MYR, USD/SGD, USD/PHP,USD/IDR Talking Points
- USD/MYR may reach new 2019 highs in its uptrend
- Singapore Dollar could weaken more to 2017 levels
- USD/PHP long-term support held as USD/IDR rose
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USD/MYR Technical Outlook
The Malaysian Ringgit kept weakening against the US Dollar after last week, USD/MYR took out the descending trend line from May – as anticipated. After clearing multiple resistance barriers, USD/MYR is now sitting right at the next critical psychological range between 4.1950 and 4.2000. A close above it opens the door to testing 4.2090. Otherwise, near-term support appears between 4.1800 and 4.1855.
USD/MYR Daily Chart
USD/SGD Technical Outlook
US Dollar strength against its ASEAN counterparts also extended into the Singapore Dollar, with USD/SGD climbing into resistance which is a range between 1.3808 and 1.3836. Resuming gains opens the door to testing the July and June 2017 highs at 1.3863 and 1.3911 respectively. Otherwise, a turn lower places the focus on the near-term rising support line from July with the next psychological area between 1.3725 and 1.3707.
USD/SGD Daily Chart
USD/PHP Technical Outlook
Meanwhile, the long-term rising support line has kept the USD/PHP uptrend intact going back to 2013. The Philippine Peso is at risk to further losses after falling resistance from March was taken out. This places the focus for USD/PHP on near-term resistance at 52.37 which if taken out, exposes the May peak around 52.73. Otherwise, near-term support appears to be a range between 51.59 and 51.69.
USD/PHP Daily Chart
USD/IDR Technical Outlook
A similar technical scenario is also brewing in the Indonesian Rupiah. After July lows held around 13923, USD/IDR surged to the upside as it cleared a descending trend line from late May. The currency pair sits right above support at 14255 with resistance above it at 14340. A close above the latter exposes the May highs which is a psychological barrier between 14482 and 14525.
USD/IDR Daily Chart
FX Trading Resources
- Just getting started? See our beginners’ guide for FX traders
- Having trouble with your strategy? Here’s the #1 mistake that traders make
- See how the US Dollar is viewed by the trading community at the DailyFX Sentiment Page
--- 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.