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
Oil - US Crude
Wall Street
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
  • Commodities Update: As of 18:00, these are your best and worst performers based on the London trading schedule: Silver: 0.05% Oil - US Crude: -0.07% Gold: -0.85% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/NMZV03P1DY
  • A close below the low end of the aforementioned trading zone reflects a stronger bearish momentum and may send USDCAD towards 1.3511. Get your $USDCAD technical analysis from @malkudsi here: https://t.co/NnyNajRjE9 https://t.co/q1rU9eSVe3
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 96.52%, while traders in US 500 are at opposite extremes with 74.73%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/2zuDQFrljo
  • Fed Discount-Rate Meeting Minutes: - Directors reported noteworthy declines to economic activity, particularly in retail, tourism, and travel industries - Several directors expect jobless rate to increase further in coming months $DXY $SPX
  • Indices Update: As of 18:00, these are your best and worst performers based on the London trading schedule: Wall Street: 1.48% US 500: 0.58% FTSE 100: 0.16% Germany 30: -0.05% France 40: -0.07% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/qJvZxDmmST
  • Dow Jones Index strength continues in afternoon trading, as recovery hopes spur risk appetite $DJI https://t.co/4M6CoMdyGn
  • $USDCAD dives to lowest level since March 15 on USD weakness https://t.co/8abAuksdMo
  • #Equities: US futures on the front-foot with market participants returning from their elongated break, which in turn sees the S&P 500 pierce the psychological 3000. Get your #equities market update from @JMcQueenFX here: https://t.co/7O447VkToZ https://t.co/TyXEaPVnbb
  • LIVE NOW: Join @JStanleyFX as he runs through price action set-ups for the FX and CFDs market. https://www.dailyfx.com/webinars/1338844901231735299
  • it's time for the webinar, starting right now https://www.dailyfx.com/webinars/1338844901231735299 https://t.co/gLQFjotDmG
US Dollar Technical Outlook: USD/SGD, USD/PHP, USD/MYR, USD/IDR

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

2020-04-09 03:00:00
Daniel Dubrovsky, Analyst

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

  • US Dollar stumbled against ASEAN FX, directional commitment lacking
  • USD/SGD trades within Ascending Triangle, USD/PHP eyes falling wedge
  • USD/MYR eyes falling resistance, USD/IDR consolidates within 1998 levels

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

The US Dollar broadly weakened against ASEAN currencies such as the Singapore Dollar, Philippine Peso, Malaysian Ringgit and Indonesian Rupiah over the past 5 trading days. My ASEAN-based USD index – which averages it against SGD, PHP, MYR and IDR – is still showing signs of hesitation to commit to further downside progress.

A Bullish Pennant appears to be forming since the top in March. A close above descending resistance could open the door to resuming the prior uptrend from early last month. In other words, broad appreciation in the US Dollar against ASEAN currencies. Overturning this chart formation would place the focus on lows seen in early April. What is the technical road ahead for USD/SGD, USD/PHP, USD/MYR and USD/IDR?

Forex for Beginners
Forex for Beginners
Recommended by Daniel Dubrovsky
Forex for Beginners
Get My Guide

ASEAN-Based US Dollar Index – Daily Chart

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

ASEAN Chart Created in TradingView

Singapore Dollar Technical Outlook

The Singapore Dollar faces a Descending Triangle formation which is a continuation pattern. The direction of the breakout could precede the key USD/SGD trend ahead. A close above falling resistance from the March opens the door to uptrend resumption towards 1.4415. Beyond that price sits the 2016 high at 1.4537. Otherwise a descent through support at 1.4203 exposes the May 2017 high at 1.4129 towards 1.4043.

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

USD/SGD 4-Hour Chart

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

USD/SGD Chart Created in TradingView

Philippine Peso Technical Outlook

The Philippine Peso appears to be trading within a Falling Wedge which is a bullish chart formation. If USD/PHP pushes above the ceiling of the wedge, that may open the door to revisiting the upper boundary of its persistent consolidative range. That puts resistance at a range between 51.13 to 51.30. A climb through it exposes the March peak. Otherwise, further losses expose the 2018 low at 49.73.

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

USD/PHP Daily Chart

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

USD/PHP Chart Created in TradingView

Malaysian Ringgit Technical Outlook

The Malaysian Ringgit appears to be cautiously appreciating against the US Dollar since USD/MYR topped last month around 4.4390. Guiding the pair lower is falling resistance from then – blue line. That could pave the way to retest the June – August 2017 inflection point between 4.2985 to 4.3085. Down the road, a rising support line from January could maintain the dominant upside bias since the turn of 2020.

Starts in:
Live now:
May 27
( 00:05 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/MYR Daily Chart

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

Indonesian Rupiah Technical Outlook

The Indonesian Rupiah cautiously rose versus the US Dollar recently but remains in consolidation just under the 1998 high at 16850. The floor seems to be at 16090 which could be tested ahead. This is due to USD/IDR falling under support “1” on the daily chart below. Further losses expose the July 1998 high at 15750 and support “2”. Otherwise a push above the 1998 high exposes the 38.2% Fibonacci extension at 17253.

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

USD/IDR Daily Chart

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

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.


News & Analysis at your fingertips.