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US Dollar Vulnerable as USD/PHP, USD/MYR Fall to Support After Fed

US Dollar Vulnerable as USD/PHP, USD/MYR Fall to Support After Fed

Daniel Dubrovsky, Strategist

USD/MYR, USD/PHP, Malaysian Ringgit, Philippine Peso - Talking Points

  • US Dollar may fall versus Philippine Peso, Malaysian Ringgit
  • USD/PHP could reverse dominant uptrend going back to 2013
  • USD/MYR slipping to support, being guided lower by resistance

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USD/PHP Technical Outlook

Following Wednesday’s Fed rate cut, the US Dollar weakened as an improvement in risk appetite fueled equities and emerging market assets. The Philippine Peso took advantage of this, extending its recent rally against the Greenback after leaving behind an area of resistance around 51.24 last week. This was despite the presence of a bullish reversal warning sign noted earlier.

Now, USD/PHP is making another attempt to breach the critical support area between 50.79 to 50.87. A daily close under with confirmation opens the door to not only extending declines, but reversing the dominant uptrend that has held since 2013. In its descending channel – pink lines in the chart below – the currency pair may find its way to the 78.6 percent Fibonacci extension level at 50.58 and beyond.

For more ASEAN content, check out my Singapore Dollar and Indonesian Rupiah technical outlook!

USD/PHP Daily Chart

US Dollar Vulnerable as USD/PHP, USD/MYR Fall to Support After Fed

USD/PHP Chart Created in TradingView

USD/MYR Technical Outlook

The Malaysian Ringgit still remains in its persistent consolidation mode against the US Dollar. However, USD/MYR has been making cautious progress to the downside as a descending channel of resistance from August held – pink lines below. This also followed a break under the near-term rising support line from late July. This leaves the currency pair facing the September low at 4.1630.

Beyond that price, the Ringgit will have to make further progress to overturn the dominant uptrend. It is being held intact by a potential rising support line from March – red line below. In the event of a turn higher, keep a close eye on the key resistance range between 4.1950 and 4.2000. A daily close above this area opens the door to a test of the August highs.

USD/MYR Daily Chart

US Dollar Vulnerable as USD/PHP, USD/MYR Fall to Support After Fed

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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