US Dollar Technical Outlook: USD/SGD, USD/MYR, USD/IDR, USD/PHP
US Dollar, USD/SGD, USD/MYR, USD/IDR, USD/PHP – ASEAN Technical Analysis
- The US Dollar may see broad strength against ASEAN FX
- USD/SGD dominant uptrend held as USD/MYR bounced
- USD/IDR eyes bullish chart pattern, USD/PHP to support
Singapore Dollar, Malaysian Ringgit, Indonesian Rupiah, Philippine Peso Technical Outlook
The US Dollar aimed higher against some of its ASEAN peers such as the Singapore Dollar, Malaysian Ringgit and Philippine Peso since last week. This followed my ASEAN-based US Dollar index – which averages USD against SGD, MYR, IDR and PHP – bouncing off rising support from January – red line on the 4-hour chart below. From here a push above resistance at 4.2069 may open the door to broader strength in the Greenback against currencies from Southeast Asia.
ASEAN-Based US Dollar Index – 4-Hour Chart
Singapore Dollar Technical Outlook
The Singapore Dollar has been losing ground to the US Dollar since USD/SGD took out near term falling resistance from late April. Rising support from January also reinstated the dominant uptrend. A confirmatory push above 1.4199 may pave the way to retest key resistance which appears to be a range between 1.4306 to 1.4329. Closing above this area would then expose last month’s peak. Otherwise, resuming the downtrend entails dropping through key support at 1.4089 – 1.4065.
USD/SGD 4-Hour Chart
Malaysian Ringgit Technical Outlook
The US Dollar may be on the verge of taking the offensive against the Malaysian Ringgit after USD/MYR bounced off rising support from the beginning of this year – pink line on the daily chart below. The range of support between 4.2930 and 4.3030 also held which could place the focus on falling resistance from March – blue line. If selling pressure resumes, a descent through 4.2930 exposes 4.2419 on the way towards 4.1600.
USD/MYR Daily Chart
Indonesian Rupiah Technical Outlook
The Indonesian Rupiah appears to be trading within a Falling Wedge against the US Dollar on the daily chart below. This is a bullish chart pattern whereby a push above the ceiling of the formation opens the door to a resumption of the prior uptrend. For the time being, USD/IDR could continue its descent after prices broke under rising support from February on the way to the 38.2% Fibonacci retracement at 14773.
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USD/IDR Daily Chart
Philippine Peso Technical Outlook
The Philippine Peso continues to hover around key support against the US Dollar. This is a range between 50.38 to 50.52 and it has held up since November as prices consolidated. There was a false breakout after a new floor was established at 50.30. A push above immediate falling resistance – pink line below – may open the door to retesting 51.13 – 51.30. Falling through 50.30 exposes the 2018 low at 49.73.
USD/PHP Daily Chart
--- Written by Daniel Dubrovsky, Currency Analyst for DailyFX.com
To contact Daniel, use the comments section below or @ddubrovskyFX on Twitter