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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
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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?

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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.

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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.

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