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
Bullish
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
GBP/USD
Mixed
USD/JPY
Mixed
Gold
Bullish
Oil - US Crude
Mixed
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
Bitcoin
Mixed
More View more
Real Time News
  • While Sino-US trade jitters are temporarily abating, China-Swedish trade tensions are rising as a part of a political contagion of growing economic hostilities between nations across the world. Get your market update from @ZabelinDimitri here:https://t.co/F1fVoyzoz5 https://t.co/z49NzgZrXd
  • RT @malkudsi: Natural Gas Eyes Pushing Higher as Support Holds - Nat Gas Technical Analysis More details in the link below: https://t.co/HG…
  • As prices dance around on charts, traders are often looking for reasons to explain price movements; however, the underlying source of price movement boils down to the relationship between supply and demand. Learn more about the forces of S&D on forex here: https://t.co/8LfkLXbj2W https://t.co/swcuwAMGAk
  • How can traders avoid #FOMO in trading? Start by implementing a well-heeled plan taking only four hours per week. Get your insight from @JStanleyFX here: https://t.co/vwUShQPc27 #tradingstyle https://t.co/4adyTWvQ22
  • What are the Market cycles? How are #currencies impacted in these cycles? How can these cycles impact #forextrading patterns? Find out here: https://t.co/ckr2fUOWqW https://t.co/gLJGj1FAOC
  • Central bank independence has several advantages and disadvantages. Find out what they are in-depth with @MartinSEssex here: https://t.co/wVFXbbTxf1 https://t.co/J0MMkVmCUu
  • Get your stock market basics right - what is the stock market and how does stock trading work? Find out here: https://t.co/JfAJLAtlsY https://t.co/ZfPUxHWeiG
  • The Mexican economy contracted for the first time in almost 10 years in 2019, but growth is expected to pick up in 2020 according to its finance minister. Get your $USDMXN market update from @HathornSabin here: https://t.co/gupJdU7WYT https://t.co/mMN8LFb5i5
  • EUR/USD has been weakening since the start of 2020 and the decline has accelerated this month. At some point there will be a correction but further losses are still likely as the year progresses. Get your $EURUSD market update from @MartinSEssex here: https://t.co/ieJUBNeAIf https://t.co/Dw4f7DQocg
  • The $AUD has risen in anticipation of a deal Washington and Beijing. But the Australia-China trade relationship has not suffered much and may even have been helped by China’s spat with the US. Get your market update from @DavidCottleFX here:https://t.co/An7h5X0Zcz https://t.co/Rn7mLbS1EF
Dollar Technical Outlook May Turn Bullish as USD/SGD, USD/MYR Rise

Dollar Technical Outlook May Turn Bullish as USD/SGD, USD/MYR Rise

2020-01-29 04:00:00
Daniel Dubrovsky, Analyst
Share:

US Dollar, USD/SGD, USD/MYR, USD/PHP – ASEAN Technical Analysis

  • US Dollar may be on the verge of broader gains against ASEAN FX
  • USD/SGD and USD/MYR are looking at upside technical breakouts
  • USD/PHP consolidation mode prolongs after slight uptick in sentiment

US Dollar, Singapore Dollar, Malaysian Ringgit, Philippine Peso Technical Outlook

The US Dollar rose against some of its ASEAN counterparts such as the Singapore Dollar and Malaysian Ringgit. My ASEAN-based US Dollar index has thus climbed and is testing a key descending trend line from September – red line on the chart below. Increasing fears around the Wuhan virus have been fueling the haven-linked Greenback – as expected. What is the USD/SGD, USD/MYR and USD/PHP technical outlook?

USD Forecast
USD Forecast
Recommended by Daniel Dubrovsky
What is the road ahead for USD in the first quarter?
Get My Guide

ASEAN-Based US Dollar Index

Dollar Technical Outlook May Turn Bullish as USD/SGD, USD/MYR Rise

ASEAN-Based USD Index Created in TradingView

Singapore DollarTechnical Outlook

The US Dollar may be on the verge of confirming an upside technical breakout against the Singapore Dollar. Earlier this week, USD/SGD climbed above key descending resistance from September. Since then, prices have struggled to confirm a further push above the psychological barrier between 1.3559 to 1.3571. Confirming an upside push may precede a reversal of the downtrend from late August. The next resistance area aligns with November peaks (1.3669 – 1.3692). Support sits below at 1.3513 followed by 1.3444.

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

USD/SGD Daily Chart

Dollar Technical Outlook May Turn Bullish as USD/SGD, USD/MYR Rise

USD/SGD Chart Created in TradingView

Malaysian Ringgit Technical Outlook

The US Dollar may also be on the verge of an upside reversal against the Malaysian Ringgit from a technical standpoint. USD/MYR prices have pushed above the near-term falling trend line from December following the presence of positive RSI divergence – as expected. An upside close through resistance at 4.0850 exposes the next psychological barrier at 4.1070 followed by 4.1225. Resuming the entails taking out support at 4.050 – 4.0550 which is composed of the 2019 low.

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

USD/MYR Daily Chart

Dollar Technical Outlook May Turn Bullish as USD/SGD, USD/MYR Rise

USD/MYR Chart Created in TradingView

Philippine PesoTechnical Outlook

A partial recovery in sentiment on Tuesday sent USD/PHP lower. The US Dollar thus continues to consolidate against the Philippine Peso. Resuming the former downtrend from August to November entails clearing the critical psychological barrier between 50.40 to 50.52. For a push towards the upside, resistance stands in the way between 51.13 to 51.30.

Forex for Beginners
Forex for Beginners
Recommended by Daniel Dubrovsky
Learn about trading foreign exchange markets
Get My Guide

USD/PHP Daily Chart

Dollar Technical Outlook May Turn Bullish as USD/SGD, USD/MYR Rise

USD/PHP Chart Created in TradingView

--- 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.