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.

Free Trading Guides
EUR/USD
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
GBP/USD
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
USD/JPY
Bullish
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
Oil - US Crude
Bullish
Bitcoin
Bearish
More View more
Real Time News
  • RT @YuanTalks: #China confirmed 889 new cases of #coronavirus, taking the total number of confirmed cases to 75,465 as of Thursday and the…
  • RT @Rover829: Reuters: CHINA REPORTS 889 NEW CONFIRMED CASES OF CORONAVIRUS ON MAINLAND ON FEB 20 VS 394 ON FEB 19 (this means more than ha…
  • RT @globaltimesnews: #Coronavirus halts most China-Europe freight trains until mid-February: industry insiders. https://t.co/L6gdcnQqIl htt…
  • RT @RANsquawk: Japanese Jibun Bank Flash PMIs (Feb): - Manufacturing 47.6 (Prev. 48.8) - Services 46.7 (Prev. 51.0) - Composite 47.0 (Prev.…
  • Bank of Japan's Governor Kuroda: Consumption drop isn't fault of sales tax alone. Storms, unseasonable weather also hitting spending. Capex, govt. policies supporting moderate expansion -BBG
  • South Korea confirms 52 further cases of the #coronavirus , bringing total to 156 -BBG
  • Bank of Japan Governor Haruhiko Kuroda - Cannot measure impact of #coronavirus yet - Virus likely to hit supply chains, tourism and exports - Will take appropriate measures as necessary but doesn't believe policy measures are needed at this time (BBG)
  • When your girlfriend says she’s visiting the Fed for work: https://t.co/sZjs9aW3eJ
  • The $GBP recoiled from chart resistance against the US Dollar, setting the stage for prices to resume a bearish trend reversal triggered mid-January. Get your market update from @IlyaSpivak here:https://t.co/lVpyZkIfJt https://t.co/zCGq8Kpoqy
  • The Australian Dollar outlook may shift further bearish after $AUDUSD took out key support. This followed a broadly pessimistic day in stocks as the haven-linked US Dollar soared #AUD #USD - https://www.dailyfx.com/forex/fundamental/daily_briefing/daily_pieces/asia_am_briefing/2020/02/21/Australian-Dollar-Outlook-May-Deepen-Bearish-AUDUSD-Clears-Support.html?CHID=9&QPID=917702&utm_source=Twitter&utm_medium=Dubrovsky&utm_campaign=twr https://t.co/bIxUJhwp30
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

2019-10-31 03:00:00
Daniel Dubrovsky, Analyst
Share:

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

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/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.

DISCLOSURES

News & Analysis at your fingertips.