News & Analysis at your fingertips.

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. See our updated Privacy Policy here.

0

Notifications

Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
Subscribe
Please try again
More View more
Real Time News
  • It’s important for traders to be familiar with FX spreads as they are the primary cost of trading currencies. Understand a pair's spread here: https://t.co/zEEUHZBx7g https://t.co/jZHcyAZ5SU
  • Further your forex knowledge and gain insights from our expert analysts on EUR with our free guide, available today: https://t.co/XtydfV5wS6 https://t.co/Iw9haaHAnn
  • The Federal Reserve System (the Fed) was founded in 1913 by the United States Congress. The Fed’s actions and policies have a major impact on currency value, affecting many trades involving the US Dollar. Learn more about the Fed here: https://t.co/ADSC4sr63f https://t.co/raO3gCGqQ6
  • Key levels in forex tend to draw attention to traders in the market. These are psychological prices which tie into the human psyche and way of thinking. Learn about psychological levels here: https://t.co/8A1QhwMVKo https://t.co/rWVlBs6H3c
  • The update to the US Consumer Price Index (CPI) is likely to sway the US Dollar during the Federal Reserve’s blackout period as the central bank braces for a transitory rise in inflation. Get your weekly $USD forecast from @DavidJSong here: https://t.co/JTuP7CLlyi https://t.co/tOvqn3Gdpc
  • Becoming a forex trader means living and breathing the excitement, risk and reward of trading in the biggest and most liquid market in the world. Do you have what it takes? Read here to discover the qualities and processes it takes to build consistency: https://t.co/EfWEACQ6Cz https://t.co/s5dn4ZKnku
  • Becoming a forex trader means living and breathing the excitement, risk and reward of trading in the biggest and most liquid market in the world. Do you have what it takes? Read here to discover the qualities and processes it takes to build consistency: https://t.co/EfWEACyvdZ https://t.co/6VjW5FEiQW
  • Global stocks bounce back from recent pullback as key resistance levels lie ahead. Get your weekly equities forecast from @HathornSabin here: https://t.co/wXSWo1JygD https://t.co/vWVaSEQTXT
  • Do you know how to properly Identify a double top formation? Double tops can enhance technical analysis when trading both forex or stocks, making the pattern highly versatile in nature. Learn more about the double top formation here: https://t.co/t9FlspUVZz https://t.co/9kfBu04auM
  • Dealing with the fear of missing out – or FOMO – is a highly valuable skill for traders. Not only can FOMO have a negative emotional impact, it can cloud judgment and overshadow logic. Learn how you can control FOMO in your trading here: https://t.co/lgDf5ddzFV https://t.co/8GJ6OQYgnW
US Dollar Forecast: USD/SGD Trend Pointing Lower, USD/IDR May Rise

US Dollar Forecast: USD/SGD Trend Pointing Lower, USD/IDR May Rise

Daniel Dubrovsky, Strategist

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

  • US Dollar fell against the Singapore Dollar but rose vs Indonesian Rupiah
  • USD/SGD technical bias favors downside as pair seeks further confirmation
  • USD/IDR soared through key resistance, shifting focus to the upside next

Singapore Dollar Technical Outlook

The US Dollar has been losing ground to the Singapore Dollar after USD/SGD broke under a key rising trend line from January last week – as expected. Now, the currency pair may be readying to extend the near-term downtrend from highs last month. Prices closed under the February 12 low at 1.3850. With downside confirmation, this could resume a reversal of the uptrend from January.

USD/SGD Daily Chart

US Dollar Forecast: USD/SGD Trend Pointing Lower, USD/IDR May Rise

USD/SGD Chart Created in TradingView

Zooming in on the 4-hour chart, USD/SGD has yet to confirm the push under mid-February lows. A bounce can result in a rise towards key falling resistance from the February peak – blue lines on the chart below. That places the focus on the psychological barrier between 1.3906 to 1.3942. A close above the latter exposes 1.3991. Otherwise, downtrend resumption paves the way to test the 50% Fibonacci retracement at 1.3765. Taking out the latter would then expose the next barrier between 1.3669 to 1.3692.

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

USD/SGD 4-Hour

US Dollar Forecast: USD/SGD Trend Pointing Lower, USD/IDR May Rise

USD/SGD Chart Created in TradingView

Indonesian Rupiah Technical Outlook

The US Dollar climbed aggressively versus the Indonesian Rupiah with USD/IDR taking out key falling resistance from May on the weekly chart. The 3.31% rise was the most-aggressive climb over the course of 5 trading days since August 2015 and followed aggressive capital outflows from Indonesia amid the global coronavirus outbreak. USD/IDR may attempt upside confirmation which could pave its trajectory ahead.

USD/IDR Weekly Chart

US Dollar Forecast: USD/SGD Trend Pointing Lower, USD/IDR May Rise

USD/IDR Chart Created in TradingView

Taking a look at the USD/IDR daily chart, the US Dollar has confirmed the upside push through falling resistance. Prices then took out 14130 and 14215 before struggling at 14350. That has left the Rupiah facing a potential near-term rising support line from early February. A daily close under may shift the immediate technical bias downward. That would place the focus in key support which is a range between 13848 to 13895. Down the road, upside resumption entails closing above peaks from May (14484 to 14525).

USD/IDR Daily Chart

US Dollar Forecast: USD/SGD Trend Pointing Lower, USD/IDR May Rise

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