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US Dollar Technical Forecast: USD/SGD, USD/IDR, USD/MYR, USD/PHP

US Dollar Technical Forecast: USD/SGD, USD/IDR, USD/MYR, USD/PHP

2020-02-20 04:00:00
Daniel Dubrovsky, Analyst
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US Dollar, USD/SGD, USD/IDR, USD/MYR, USD/PHP – ASEAN Technical Analysis

  • US Dollar advance against ASEAN FX continues to pick up momentum
  • USD/SGD spikes towards highs from May 2017, RSI divergence present
  • USD/IDR, USD/MYR and USD/PHP are pointing towards key resistance

Singapore Dollar, Indonesian Rupiah, Malaysian Ringgit, Philippine Peso Technical Outlook

The US Dollar may be readying to accelerate its progress against ASEAN currencies such as the Singapore Dollar, Indonesian Rupiah, Malaysian Ringgit and Philippine Peso. This follows a broad surge in the Greenback that has transpired against both major and developing FX. My ASEAN-based US Dollar index is aiming to take out highs from August with June 2017 peaks in focus. A close above the latter exposes Fibonacci extensions on the chart below.

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ASEAN-Based US Dollar Index – Daily Chart

US Dollar Technical Forecast: USD/SGD, USD/IDR, USD/MYR, USD/PHP

USD/SGD Chart Created in TradingView

Singapore Dollar Technical Outlook

USD/SGD took out highs from August 2019, exposing peaks last seen in May 2017. The near-term uptrend is bolstered by rising support from late January. Negative RSI divergence does show fading upside momentum which can at times precede a turn lower. Standing between the Singapore Dollar and its lowest point from May 2017 are Fibonacci extensions at 1.4034 followed by 1.4091 on the daily chart below. A turn lower places the focus on key support at 1.3849.

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

USD/SGD Daily Chart

US Dollar Technical Forecast: USD/SGD, USD/IDR, USD/MYR, USD/PHP

USD/SGD Chart Created in TradingView

Indonesian Rupiah Technical Outlook

The Indonesian Rupiah has been slowing depreciating against the US Dollar since USD/IDR found a bottom in late January. Rising support from January lows is maintaining the near-term uptrend. A close above 13757 exposes the next area of resistance between 13848 to 13895. In the medium-term, downtrend resumption entails taking out the psychological barrier between 13540 to 13560 which may come into focus after a close below rising support.

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USD/IDR Daily Chart

US Dollar Technical Forecast: USD/SGD, USD/IDR, USD/MYR, USD/PHP

USD/IDR Chart Created in TradingView

Malaysian Ringgit Technical Outlook

The Malaysian Ringgit is trading at its weakest point against the US Dollar since late 2019 after USD/MYR took out falling resistance from August. Now that the pair has confirmed a push above the latter, the medium-term outlook may shift further bullish as USD/MYR aims for the psychological barrier between 4.1950 to 4.2000. Taking out the latter exposes peaks from 2019 with the uptrend being kept intact by rising support from late January.

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USD/MYR Daily Chart

US Dollar Technical Forecast: USD/SGD, USD/IDR, USD/MYR, USD/PHP

USD/MYR Chart Created in TradingView

Philippine Peso Technical Outlook

Following another test of key support (50.40-50.52), the US Dollar has shifted to the offense against the Philippine Peso. On the whole, USD/PHP still remains in its persistent consolidation mode where the outer boundary of resistance is a range between 51.13 to 51.30. Yet, maintaining the medium-term downward bias is a falling channel of resistance from August. Closing above the latter would place the focus on the upper psychological barrier which if taken out, would shift the medium-term technical bias to bullish.

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

USD/PHP Daily Chart

US Dollar Technical Forecast: USD/SGD, USD/IDR, USD/MYR, USD/PHP

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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