Is the US Dollar Stalling Against SGD, MYR, IDR and PHP?

2019-12-05 05:00:00 Daniel Dubrovsky, Strategist

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

US Dollar stalling against SGD, MYR, IDR and PHP
Medium-term price signals still favor an upside bias
USD/SGD, USD/MYR, USD/IDR, USD/PHP outlook

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Singapore Dollar Technical Outlook

The Singapore Dollar has been making cautious gains against the US Dollar as of late. USD/SGD even took out a near-term rising support line from last month – thinner blue line on the chart below. The push above the Falling Wedge hints that recent price action might reflect a temporary correction however. This is typically a bullish chart pattern. From here, near-term support lays below at 1.3596 with key resistance above 1.3657.

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

USD/SGD Daily Chart

USD/SGD Chart Created in TradingView

Malaysian Ringgit Technical Outlook

The US Dollar has also stalled its ascent against the Malaysian Ringgit after USD/MYR pushed above key descending resistance from the end of August – pink lines on the chart below. Prices are still hovering above support which is a combination of the former rising trend line from March and lows from September at 4.1630. A daily close above 4.1850 opens the door to uptrend resumption.

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USD/MYR Daily Chart

USD/MYR Chart Created in TradingView

Indonesian Rupiah Technical Outlook

The US Dollar has also lost its upside momentum against the Indonesian Rupiah. Still, USD/IDR’s push above the falling trend line from May is a notable technical achievement. With further upside confirmation, this could translate into a reversal of the dominant downtrend. Uptrend continuation entails taking out resistance at 14130. On the other hand, a push back below the falling trend line exposes support at 14035.

USD/IDR Daily Chart

USD/IDR Chart Created in TradingView

Philippine Peso Technical Outlook

This is as the Philippine Peso continues to trade within a rising channel against the US Dollar. We have also seen a pullback in USD/PHP, but prices haven’t managed to breach the floor of the chart pattern. Clearing it opens the door to potentially revisiting lows from November with support at 50.40. If the currency pair continues conforming to the rising channel, it may eventually face resistance at 51.34.