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

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

Daniel Dubrovsky, Strategist

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

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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

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--- 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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