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.
To stay updated on fundamental developments for ASEAN currencies, follow me on Twitter here @ddubrovskyFX
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.
USD/PHP Daily Chart
USD/PHP Chart Created in TradingView
FX Trading Resources
- Just getting started? See our beginners’ guide for FX traders
- Having trouble with your strategy? Here’s the #1 mistake that traders make
- See how the US Dollar is viewed by the trading community at the DailyFX Sentiment Page
--- Written by Daniel Dubrovsky, Currency Analyst for DailyFX.com
To contact Daniel, use the comments section below or @ddubrovskyFX on Twitter
