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US Dollar Uptrend on SGD, PHP, MYR, INR at Risk to Fading Momentum?

US Dollar Uptrend on SGD, PHP, MYR, INR at Risk to Fading Momentum?

Daniel Dubrovsky, Strategist

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

  • US Dollar has been outperforming against Asia Pacific currencies
  • Negative RSI divergence threatens Dollar gains versus ASEAN FX
  • Will uptrends in USD/SGD, USD/PHP, USD/MYR, USD/INR stop?

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USD/SGD Technical Outlook

The US Dollar faces its next technical challenge against the Singapore Dollar as it looks to extend the uptrend from July as trade wars simmer. USD/SGD is sitting right under the June 2017 highs (1.3897 and 1.3915) as negative RSI divergence shows weakening upside momentum. This risks preceding a turn lower towards rising support from the middle of July. Otherwise, extending gains places the focus on resistance at 1.3946 as the pair eyes May 2017 highs.

USD/SGD Daily Chart

US Dollar Uptrend on SGD, PHP, MYR, INR at Risk to Fading Momentum?

USD/SGD Chart Created in TradingView

USD/PHP Technical Outlook

Against the Philippine Peso, the US Dollar is facing a similar situation given the presence of negative RSI divergence. A turn lower places support as the early August low at 51.86. Yet, rising support form 2013 (blue line on the chart below) indicates a resumption of the USD/PHP dominant uptrend that has been in place for about six years. Extending near-term gains places the focus on resistance next at 52.73, the May highs.

To stay updated on fundamental developments for ASEAN currencies such as SGD and PHP, you may follow me on Twitter here @ddubrovskyFX

USD/PHP Daily Chart

US Dollar Uptrend on SGD, PHP, MYR, INR at Risk to Fading Momentum?

USD/PHP Chart Created in TradingView

USD/MYR Technical Outlook

Versus the Malaysian Ringgit, the US Dollar is also at risk to negative RSI divergence. Lately, the near-term USD/MYR uptrend has slowed to a consolidative pace with prices wedged between support and resistance. If the currency pair tips over, near-term support appears to be at 4.1550. Otherwise, clearing resistance exposes the psychological barrier from 2017 at 4.2090.

USD/MYR Daily Chart

US Dollar Uptrend on SGD, PHP, MYR, INR at Risk to Fading Momentum?

USD/MYR Chart Created in TradingView

USD/INR Technical Outlook

Wrapping it up with the Indian Rupee, the US Dollar is also facing downside pressure if negative RSI divergence precedes a turn lower in USD/INR. Technically, the push above descending resistance from 2018 has opened the door to further gains in the medium-term. This places the focus on resistance at 71.82 with a turn lower placing support at 70.58.

Interested in the fundamental outlook for the Indian Rupee? Check out my collaboration with Analyst Dimitri Zabelin where we discuss the Reserve Bank of India and political turmoil in the region of Kashmir

USD/INR Daily Chart

US Dollar Uptrend on SGD, PHP, MYR, INR at Risk to Fading Momentum?

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.

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