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. See our updated Privacy Policy here.

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
Mixed
Oil - US Crude
Bearish
Wall Street
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
Gold
Mixed
GBP/USD
Bearish
USD/JPY
Bullish
More View more
Real Time News
  • Forex Update: As of 10:00, these are your best and worst performers based on the London trading schedule: 🇨🇭CHF: 0.13% 🇪🇺EUR: 0.04% 🇯🇵JPY: 0.01% 🇬🇧GBP: -0.21% 🇨🇦CAD: -0.30% 🇦🇺AUD: -0.31% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/1bRmkh7wZ5
  • Indices Update: As of 10:00, these are your best and worst performers based on the London trading schedule: France 40: 0.46% Germany 30: 0.42% FTSE 100: 0.15% US 500: 0.02% Wall Street: -0.04% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/Q0tktc2KTg
  • Get our analysts’ view on the key fundamentals for Oil in Q2. Download now. https://t.co/bXrPHkaSCn https://t.co/vy6vjot301
  • Once again, $GBP approaching the recent range lows https://t.co/4DVUHR6pEn
  • Coming up in 20': my weekly sentiment webinar in which I look at the charts, the @IGcom client sentiment data, the confidence numbers on the calendar this week and much more. Do join me if you're free... https://t.co/BhGN9fw31Z
  • 💶 Balance of Trade (APR) Actual: €10.9B Previous: €15.8B https://www.dailyfx.com/economic-calendar#2021-06-15
  • Heads Up:💶 Balance of Trade (APR) due at 09:00 GMT (15min) Previous: €15.8B https://www.dailyfx.com/economic-calendar#2021-06-15
  • Forex quotes reflect the price of different currencies at any point in time. Since a trader’s profit or loss is determined by movements in price, it is essential to develop a sound understanding of how to read currency pairs. Learn how to read quotes here: https://t.co/CNtqrKWDBY https://t.co/JyxgSYYRzc
  • Please join @MartinSEssex at 5:30 EST/9:30 GMT for a webinar on trading sentiment. Register here: https://t.co/diCwqqa7eS https://t.co/LdEUF5aReq
  • UK confirms that it has agreed a post-Brexit trade deal with Australia $GBP $AUD
US Dollar Vulnerable to INR, IDR and MYR on Bearish Reversal Hints

US Dollar Vulnerable to INR, IDR and MYR on Bearish Reversal Hints

Daniel Dubrovsky, Strategist

USD/INR, USD/IDR, USD/MYR, USD/SGD - Talking Points

  • US Dollar may be vulnerable against the Indian Rupee down the road
  • USD/IDR at threshold of critical resistance in its downtrend from May
  • USD/SGD may rise, USD/MYR still eyeing a bearish reversal pattern

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/INR Technical Outlook

The US Dollar may be vulnerable against the Indian Rupee down the road given the formation of a Descending Triangle in USD/INR. The bearish pattern has its floor established at 70.41, with the ceiling defined by potential descending resistance from September – blue lines on the chart below. After support held in late September, the next test for USD/INR could be the ceiling of the pattern.

The fundamental outlook is clouded by the upcoming Reserve Bank of India monetary policy announcement, due on Friday. As such, the Rupee may experience consolidation within the pattern until then. In the event of a breakout above resistance, keep an eye on key psychological levels at 71.52 and then 71.82. Otherwise, a downside breakout may reverse the pair’s upside progress from July to August.

Read this week’s ASEAN fundamental outlook to learn more about the Indian Central Bank rate decision

USD/INR Daily Chart

US Dollar Vulnerable to INR, IDR and MYR on Bearish Reversal Hints

USD/INR Chart Created in TradingView

USD/IDR Technical Outlook

Meanwhile, the US Dollar’s upside progress against the Indonesian Rupiah is facing its next critical test. USD/IDR has climbed to the threshold of the falling trend line from May, with resistance above at 14215. A close higher would open the door to reversing the dominant downtrend. On the other hand, clearing near-term rising support from September may lead to a test of 14089 and then 1400.

USD/IDR Daily Chart

US Dollar Vulnerable to INR, IDR and MYR on Bearish Reversal Hints

USD/IDR Chart Created in TradingView

USD/MYR Technical Outlook

The Head and Shoulders bearish reversal formation in USD/MYR – pointed out last week – is still a technical risk for the US Dollar against the Malaysian Ringgit. The right shoulder still serves as key resistance as a range between 4.1950 and 4.2000. Closing above would invalidate this setup, exposing 4.2270. Otherwise, a turn lower places the focus on a potential rising support line from March.

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

USD/MYR Daily Chart

US Dollar Vulnerable to INR, IDR and MYR on Bearish Reversal Hints

USD/SGD Technical Outlook

Against the Singapore Dollar, the US Dollar may accelerate its upside progress however. This comes after USD/SGD took out the key psychological barrier between 1.3808 and 1.3836. This has exposed the August highs as the next level of critical resistance which is a range between 1.3906 and 1.3942. USD/SGD’s uptrend is being held intact by rising support from July – red line on the chart below.

Check out my overview of the Singapore Dollar to get acquainted with its unique characteristics in forex

USD/SGD Daily Chart

US Dollar Vulnerable to INR, IDR and MYR on Bearish Reversal Hints

USD/SGD 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