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US Dollar Eyes Technical Breakouts in USD/SGD, USD/MYR, USD/IDR

US Dollar Eyes Technical Breakouts in USD/SGD, USD/MYR, USD/IDR

Daniel Dubrovsky, Strategist

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

  • US Dollar attempting key technical pushes against ASEAN FX
  • USD/SGD, USD/MYR and USD/IDR could extend their gains
  • USD/PHP trading cautiously higher, confining to rising channel

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USD/SGD Technical Outlook

The Singapore Dollar may weaken against the US Dollar after USD/SGD confirmed an upside breakout through the Falling Wedge. This is a bullish chart pattern the could precede a reversal of the dominant downtrend. A daily close above 1.3657 opens the door to testing the next psychological barrier (1.3707 – 1.3724). Progress in US-China trade talks on the other hand could offer downside momentum towards 1.3596.

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

USD/SGD Daily Chart

US Dollar Eyes Technical Breakouts in USD/SGD, USD/MYR, USD/IDR

USD/SGD Chart Created in TradingView

USD/MYR Technical Outlook

This is as the US Dollar is attempting to break above key descending resistance against the Malaysian Ringgit. The near-term USD/MYR uptrend still holds after Wednesday’s pullback after prices paused their drop on the channel – pink lines below. Continued momentum from bulls may translate into another test of 4.1850 before eyeing October highs. A daily close under 4.1630 may overturn this bullish signal.

To stay updated on fundamental developments for ASEAN currencies, follow me on Twitter here @ddubrovskyFX

USD/MYR Daily Chart

US Dollar Eyes Technical Breakouts in USD/SGD, USD/MYR, USD/IDR

USD/IDR Technical Outlook

USD/IDR is also facing a similar technical scenario with the Indonesian Rupiah sitting on the edge of the falling trend line from May. A daily close through resistance (14092 – 14115) opens the door to overturning the dominant downtrend as price eye October highs. A turn lower on the other hand places the focus on near-term support at 14035 followed by 14000.

USD/IDR Daily Chart

US Dollar Eyes Technical Breakouts in USD/SGD, USD/MYR, USD/IDR

USD/IDR Chart Created in TradingView

USD/PHP Technical Outlook

The Philippine Peso continues to trade in a rising channel against the US Dollar – red area on the chart below. USD/PHP recently bounced on the floor, perhaps paving the way for a retest of near-term resistance at 51.02. Further upside progress would also be in-line with the break above descending resistance from September (pink lines). Resuming the downtrend entails taking out 50.40 – current November lows.

USD/PHP Daily Chart

US Dollar Eyes Technical Breakouts in USD/SGD, USD/MYR, USD/IDR

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.

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