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
GBP/USD
Bullish
USD/JPY
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
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
Oil - US Crude
Bearish
Bitcoin
Mixed
More View more
Real Time News
  • Trade deal bets kept the Singapore Dollar, Philippine Peso, Indonesian Rupiah and Malaysian Ringgit afloat despite $USD strength. This is the key fundamental driver for #ASEAN FX.Get your market update from @ddubrovskyFX here: https://t.co/aB8qP3JsB4 https://t.co/oAF2XxyNak
  • European Opening Calls from IG: #FTSE 7330 +0.51% #DAX 13262 +0.62% #CAC 5932 +0.52% #AEX 599 +0.61% #MIB 23636 +0.66% #IBEX 9217 +0.47% #STOXX 3712 +0.63%
  • The $USDINR rate could rise as the Nifty 50 sinks after Indian Industrial Production shrank by the most since 2011, fueling RBI rate cut bets amid the ongoing US-China trade war. Get your market update from @ddubrovskyFX here:https://t.co/1PzYH3xCdV https://t.co/AqdtzJN0w1
  • (Analyst Pick) USD/JPY Outlook Bearish on Yen Chart Breakout, Trade Wars $USDJPY #Yen #TradeWars - https://www.dailyfx.com/forex/analyst_picks/todays_picks/daniel_dubrovsky/2019/11/15/USDJPY-Outlook-Bearish-on-Yen-Chart-Breakout-Trade-Wars.html?CHID=9&QPID=917702 https://t.co/5CKAA0e7Pc
  • #GBP, #NOK and #SEK are expected to be the most-active #G10 currencies against the #USD with one-week implied volatility at 7.85, 7.82 and 7.15 respectively [delayed]
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 97.63%, while traders in France 40 are at opposite extremes with 87.34%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/wyEJd6C1d2
  • Forex Update: As of 05:00, these are your best and worst performers based on the London trading schedule: 🇨🇦CAD: 0.18% 🇦🇺AUD: 0.10% 🇳🇿NZD: 0.05% 🇬🇧GBP: -0.00% 🇨🇭CHF: -0.11% 🇯🇵JPY: -0.14% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/PmNFR94G9T
  • Indices Update: As of 05:00, these are your best and worst performers based on the London trading schedule: France 40: 0.49% Germany 30: 0.49% US 500: 0.37% Wall Street: 0.35% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/36B4iG0q0W
  • A chart from my trading video for today ('S&P 500 Trading Quiet and Divergence Builds Pressure, Dollar, Aussie and Kiwi Drop' https://www.dailyfx.com/forex/video/daily_news_report/2019/11/15/SP-500-Trading-Quiet-and-Divergence-Builds-Pressure-Dollar-Aussie-and-Kiwi-Drop.html?CHID=9&QPID=917719) showing $EURUSD and the Euro volatility index https://t.co/2uMzpD4tuC
  • Why should you set trading goals? How can it help regardless of what your #tradingstyle is? Find out: https://t.co/AYdD7ODlv1 https://t.co/MS0SW4Fozm
US Dollar Technical Outlook: USD/SGD May Reverse as USD/IDR Climbs?

US Dollar Technical Outlook: USD/SGD May Reverse as USD/IDR Climbs?

2019-11-01 03:00:00
Daniel Dubrovsky, Analyst
Share:

USD/SGD, USD/IDR, Singapore Dollar, Indonesian Rupiah - Talking Points

  • Singapore Dollar approaching key rising channel from 2018
  • USD/SGD could turn higher on fading downside momentum
  • US Dollar consolidation versus Indonesian Rupiah prolongs

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/SGD Technical Outlook

The Singapore Dollar is inching closer towards the key rising support channel from January 2018. Recently USD/SGD broke under the psychological barrier between 1.3609 and 1.3624, effectively reaching the target of a Symmetrical Triangle – as expected. A breakout to the downside of the channel opens the door to overturning the defining uptrend that has been prevailing for about 2 years.

Confirming this may need a further close under the key psychological range between 1.3521 and 1.3513. This area consists of the lows from June. However, positive RSI divergence on the daily chart shows that momentum to the downside is fading. At times, this can precede a reversal that sends prices higher or translate into further consolidation.

USD/SGD Daily Chart

US Dollar Technical Outlook: USD/SGD May Reverse as USD/IDR Climbs?

On the USD/SGD 4-hour chart, we also have the presence of positive RSI divergence, underpinning the case that the US Dollar could appreciate ahead. In the event of a turn higher, near-term resistance appears to be at 1.3658. Closing above this price places the focus on what could be a potential falling trend line from the beginning of October – blue line on the chart above.

USD/SGD 4-Hour Chart

US Dollar Technical Outlook: USD/SGD May Reverse as USD/IDR Climbs?

USD/SGD Charts Created in TradingView

USD/IDR Technical Outlook

The US Dollar continues its consolidation against the Indonesian Rupiah, with immediate support reinforced as a range between 13990 and 14000. A daily close under in USD/IDR would pave the way for a test of the key horizontal support channel that has its beginnings from June 2018. A daily close under this critical psychological barrier would prolong declines since the top about a year ago at 15265.

Near-term resistance appears to be at 14068. Closing higher opens the door to testing the falling trend line from May. Confirming a reversal of the dominant downtrend ought to need the Dollar clearing the psychological range between 14185 and 14215.

USD/IDR Daily Chart

US Dollar Technical Outlook: USD/SGD May Reverse as USD/IDR Climbs?

USD/IDR 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

News & Analysis at your fingertips.