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
Mixed
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
Mixed
Oil - US Crude
Mixed
Bitcoin
Bearish
More View more
Real Time News
  • Asia’s vast and growing importance to the world economy is not yet matched by the presence of a currency trading center to rival the established order. Get your update on market drivers in Asia from @DavidCottleFX here: https://t.co/E2hqoRdO7q https://t.co/dnrAMFK4U2
  • Geopolitical developments send #oil prices soaring or falling. Get your market update from @MartinSEssex here:https://t.co/XVXLyG8vjq #OOTT https://t.co/RMk5Eb5fLU
  • Negative yielding government bonds – What are they telling us? Find out from @nickcawley1 here: https://t.co/F6JuhmrvPT https://t.co/KdpSjQSJ8F
  • #Euro area stocks may be preparing to break the four-month uptrend built around hopes for a US-China trade deal and an orderly #Brexit outcome. Get your market update from @IlyaSpivak here: https://t.co/ujlCJiXLvh https://t.co/INdFtsrTTF
  • What is the top market moving theme for the coming week? I disagree with the majority. '$EURUSD, $GBPUSD and $AUDUSD Top Volatility Candidates With #Fed, #Election, #TradeWar' https://www.dailyfx.com/forex/video/daily_news_report/2019/12/07/EURUSD-GBPUSD-and-AUDUSD-Top-Volatility-Candidates-On-Fed-Election-Trade-War.html?CHID=9&QPID=917719 https://t.co/Q1dbZVN5Us
  • The Australian Dollar was focused on its home country in the past week, but that is likely to change sharply in the days ahead with major global risk events coming up. Get your $AUDUSD market update from @DavidCottleFX here: https://t.co/yZz3hCyVMx https://t.co/1xw1JHwd7l
  • The #Euro broke chart resistance, threatening to challenge the bounds of its longer -term downtrend against the $USD. Bulls may find it premature to celebrate however. Get your market update from @IlyaSpivak here: https://t.co/VfR13llYbW https://t.co/LiWTvIygxc
  • The $USD appears to be stalling against the Singapore Dollar, Malaysian Ringgit, Indonesian Rupiah and Philippine Peso, but technical analysis may still favor USD strength. Get your market update from @ddubrovskyFX here:https://t.co/AZp98MoXKo https://t.co/jgZMUFVGJB
  • The Indian Rupee soared after the Reserve Bank of India surprised with a rate hold. $USDINR may climb as support reinstates the uptrend ahead of Indian CPI and global trade tensions. Get your market update from @ddubrovskyFX here:https://t.co/QEOabsDfMn https://t.co/rqn8Zjrvkv
  • #Gold closed lower after paring early-week gains post-NFP on Friday. But will price finally break support? These are levels that matter on the $XAUUSD weekly chart. Get your $gld technical analysis from @MBForex here: https://t.co/RILBGhLAQZ https://t.co/q5znMUlEQA
US Dollar Technical Forecast: USD/SGD, USD/MYR, USD/PHP Rates

US Dollar Technical Forecast: USD/SGD, USD/MYR, USD/PHP Rates

2019-11-22 05:00:00
Daniel Dubrovsky, Analyst
Share:

USD/SGD, USD/MYR, USD/PHP - Talking Points

  • US Dollar may stage reversal against the Singapore Dollar
  • USD/MYR uptrend has stalled under key falling resistance
  • USD/PHP is being guided cautiously higher by a channel

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 US Dollar may be readying to turn higher against the Singapore Dollar. USD/SGD has broken above the Falling Wedge after bouncing on the rising support line from February. This is typically a bullish chart pattern that could mean a reversal of the dominant downtrend. Confirmation of this breakout has been notably absent at this point with prices trading in a narrow range between 1.3597 and 1.3636.

A daily close above the former exposes the next psychological barrier at 1.3658 before targeting the 1.3707 to 1.3725 range. Resuming the dominant downtrend would entail closing under November lows. This is a psychological barrier between 1.3559 and 1.3569. Achieving this opens the door to testing the June lows which is a range between 1.3513 to 1.3521.

Learn more about how the MAS conducts monetary policy and what matters for the Singapore Dollar!

USD/SGD Daily Chart

US Dollar Technical Forecast: USD/SGD, USD/MYR, USD/PHP Rates

USD/SGD Chart Created in TradingView

USD/MYR Technical Outlook

The US Dollar has been gaining ground against the Malaysian Ringgit as of late. This followed a bounce after bottoming around 4.1225. Prices have pushed back above a rising trend line from March, placing the former uptrend back into focus. Yet, USD/MYR has thus far struggled to push above a descending channel of resistance from August – pink lines on the chart below.

A daily close above would open the door to overturning the dominant downtrend from August. Guiding USD higher could continue being the rising support line from earlier this month towards 4.1950 to 4.2000. Otherwise, turning lower after testing falling resistance places the focus on near-term support at 4.1448 before reaching 4.1225.

USD/MYR Daily Chart

US Dollar Technical Forecast: USD/SGD, USD/MYR, USD/PHP Rates

USD/MYR Chart Created in TradingView

USD/PHP Technical Outlook

The US Dollar has been cautiously climbing against the Philippine Peso since earlier this month. USD/PHP’s delicate ascent is being guided by a rising channel – red area on the chart below. A bounce on the floor could pave the way for a retest of near-term resistance at 51.02. A daily close above this price opens the door to overturning the dominant downtrend from August.

There has been a notable lack in progress confirming the breakout above the descending channel of resistance from September – pink lines on the chart below. Traders may be hesitating to commit their direction until a resolution in the US-China trade ordeal has been reached. Resuming the downtrend could be back in play after a daily close under 50.40 heading towards 49.98.

To stay updated on fundamental developments for ASEAN currencies such as PHP and SGD, follow me on Twitter here @ddubrovskyFX

USD/PHP Daily Chart

US Dollar Technical Forecast: USD/SGD, USD/MYR, USD/PHP Rates

USD/PHP 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.