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  • The US Dollar continues to push higher against ASEAN currencies after the FOMC rate decision. This leaves the USD/SGD, USD/THB, USD/PHP and USD/IDR outlook mostly tilted higher. Get your market update from @ddubrovskyFX here:https://t.co/zn56iTFBxM https://t.co/FbepD4RaFg
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USD/SGD, USD/MYR, USD/IDR, USD/PHP: US Dollar Technical Outlook

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

Daniel Dubrovsky, Strategist

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

Singapore DollarTechnical Outlook

The US Dollar is pressuring immediate resistance against the Singapore Dollar after rising support from January upheld the dominant uptrend in USD/SGD. This is a combination of the falling trend line from April – red line – and 1.4232. A push above this price, with confirmation, may pave the way for a retest of 1.4329. Beyond that sits 1.4415 should the pair attempt to make progress towards the March top. Downtrend resumption would expose the pair to what could be a fairly wide range of support between 1.4009 – 1.4088.

USD/SGD Daily Chart

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

USD/SGD Chart Created in TradingView

Malaysian Ringgit Technical Outlook

As anticipated, the US Dollar took the offensive against the Malaysian Ringgit after key support held in USD/MYR. This is a combination of the horizontal range between 4.2930 to 4.3030 and rising support from January. That has placed the pair facing what may be a potential falling trend line from March’s top – blue line on the daily chart below. Pushing above this trend line exposes April peaks which may come into play as resistance between 4.3830 – 4.3970. Clearing support would expose the October 2017 high at 4.2425.

USD/MYR Daily Chart

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

USD/MYR Chart Created in TradingView

Indonesian Rupiah Technical Outlook

The Indonesian Rupiah continues to adhere to a Falling Wedge against the US Dollar. This is a bullish reversal pattern whereby a break above the ceiling of the formation could pave the way for a reversal of the current trend. USD/IDR is fast approaching the 38.2% Fibonacci retracement at 14773. That may be the next key technical hurdle on its way towards potentially retesting highs from 2019. A turn higher may place the focus on former peaks from 2018 which could stand in the way as resistance between 15230 – 15265.

USD/IDR Daily Chart

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

USD/IDR Chart Created in TradingView

Philippine Peso Technical Outlook

The Philippine Peso is again attempting to break under a well-established range of support between 50.38 - 50.38. This technical barrier has its beginnings from November. Philippine 2020 GDP is anticipated to shrink 2.0% - 3.4%, and that may undermine recent declines in USD/PHP. Descending resistance from the middle of April – pink line below – could put a pause to near term gains. Pushing above this technical barrier would expose the April high at 51.03. Otherwise, downtrend resumption places the focus on the 2018 low.

USD/PHP Daily Chart

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

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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