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
Bearish
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
Wall Street
Bearish
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
Gold
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
GBP/USD
Mixed
USD/JPY
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
More View more
Real Time News
  • What's the difference between leading and lagging indicators? Find out from @RichardSnowFX here:https://t.co/vGx8HCagF5 https://t.co/j8PEFYbEqr
  • The $USD fell as an improvement in sentiment slowed aggressive capital outflows from emerging markets and #ASEAN economies. What do USD/SGD, USD/MYR, USD/IDR and USD/PHP face next? Find out from @ddubrovskyFX here: https://t.co/3SQYf5Y0Vx https://t.co/lodbsqO94L
  • The $USD may return to the offensive as markets flee to cash amid fears of deep global recession thanks to the still-raging #coronavirus outbreak. Get your US Dollar update from @IlyaSpivak here: https://t.co/g1us4ZbYR5 https://t.co/detT6m6ZKo
  • The #Dow Jones, S&P 500 and #DAX 30 have bounced after aggressive declines. Can this momentum last? Trader positioning seems to be offering mixed signals as technicals point bearish. Get your market update from @ddubrovskyFX here:https://t.co/DdCUyoGSmL https://t.co/NQtbwy5Brg
  • Reports that London-based fund managers have discussed long market closures with the Bank of England are unlikely to bear fruit, but that they happened at all may boost already-crowded haven trades. Get your EUR/CHF market update from @DavidCottleFX here:https://t.co/mernf5MDH3 https://t.co/1rzQT6ClCY
  • $AUD chart positioning suggests prices have set a swing top near the 0.62 figure. Re-engaging the long-term downtrend against $USD may follow. Get your AUD/USD market update from @IlyaSpivak here:https://t.co/OIEDlId6HZ https://t.co/CzqJf3wsgh
  • The $USD could be on the verge of regaining upside momentum against ASEAN FX such as the Singapore Dollar, Indonesian Rupiah and Malaysian Ringgit. Will the Philippine Peso follow? Find out from @ddubrovskyFX here:https://t.co/cBzPejcNHu https://t.co/4fcImOiSzD
  • $NZD chart positioning suggests the downtrend against its US namesake may be resuming but trader sentiment studies flash warning sign for sellers.Get your NZD/USD market update from @IlyaSpivak here:https://t.co/NUHD43A8C9 https://t.co/K7l3Ju0GP0
  • The Federal Reserve has made a powerful statement about its commitment to shoring up offshore $USD funding markets through the #coronavirus spread. Get your market update from @DavidCottleFX here:https://t.co/fLZjxjr4L9 https://t.co/UdRor0d92U
  • The #Euro has dropped through support guiding it higher from late-March lows, suggesting that the end of a corrective rebound has given way to downtrend resumption. Get your $EURUSD market update from @IlyaSpivak here: https://t.co/gpKowYNmGi https://t.co/CY7RuZf91s
US Dollar Outlook: USD/SGD, USD/IDR Uptrends Face Reversal Risks

US Dollar Outlook: USD/SGD, USD/IDR Uptrends Face Reversal Risks

2020-02-27 04:00:00
Daniel Dubrovsky, Analyst
Share:

US Dollar, Singapore Dollar, Indonesian Rupiah, USD/SGD, USD/IDR – ASEAN Technical Analysis

  • US Dollar facing bearish technical signals against ASEAN currencies
  • Momentum against the Singapore Dollar is fading, will USD/SGD fall?
  • The Indonesian Rupiah weakened but key USD/IDR resistance still held

Singapore Dollar and Indonesian Rupiah Technical Outlook

Coronavirus fears have sent the US Dollar storming higher against ASEAN currencies such as the Singapore Dollar and Indonesian Rupiah. Yet, technical signals seem to be erring on the side of caution at this point. Taking a look at my ASEAN-based US Dollar index – an average of USD versus SGD, MYR, IDR and PHP – negative RSI divergence is greeting the break above September highs. At times, this can precede a turn lower given downside confirmation. What is the road ahead for USD/SGD and USD/IDR?

Top Trading Lessons
Top Trading Lessons
Recommended by Daniel Dubrovsky
Top Trading Lessons
Get My Guide

ASEAN-Based US Dollar Index – Daily Chart

US Dollar Outlook: USD/SGD, USD/IDR Uptrends Face Reversal Risks

USD/SGD Chart Created in TradingView

Singapore Dollar Technical Outlook

The Singapore Dollar may be at a technical turning point against the US Dollar. USD/SGD appears to be aiming under the rising trend line from late January following the emergence of negative RSI divergence. Near-term declines could pave the way for a push towards the February 12 low at 1.3850. If this point is taken out, that risks reversing the immediate uptrend. In the event of a push higher, keep an eye on the 38.2% Fibonacci extension at 1.4034 should the US Dollar push towards highs from May 2017.

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

USD/SGD Daily Chart

US Dollar Outlook: USD/SGD, USD/IDR Uptrends Face Reversal Risks

USD/SGD Chart Created in TradingView

Indonesian RupiahTechnical Outlook

The US Dollar struggled to push higher against the Indonesian Rupiah after USD/IDR tested key falling resistance from April. Using the weekly chart below, the currency pair is retesting the former horizontal psychological barrier which has its beginnings from June 2018. Generally speaking, the medium-term USD/IDR technical bias shifted bearish after prices closed under rising support from late 2017.

Starts in:
Live now:
Apr 08
( 00:04 GMT )
Recommended by Daniel Dubrovsky
What Do Other Traders Buy/Sell Bets Say About Price Trends?
Register for webinar
Join now
Webinar has ended

USD/IDR Weekly Chart

US Dollar Outlook: USD/SGD, USD/IDR Uptrends Face Reversal Risks

USD/IDR Chart Created in TradingView

Zooming in on the daily chart, maintaining the near-term bullish trajectory in USD/IDR is rising support from January. This psychological barrier may come into focus if the Rupiah finds some ground against the Dollar after the latter failed to breach falling resistance. A further bullish shift in the USD/IDR outlook entails closing above descending resistance from May 2019. That would expose highs from November.

USD/IDR Daily Chart

US Dollar Outlook: USD/SGD, USD/IDR Uptrends Face Reversal Risks

USD/IDR 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.