US Dollar, USD/SGD, USD/MYR, USD/IDR, USD/PHP – ASEAN Technical Analysis
- USD/SGD pressuring resistance, USD/MYR bounces off support
- USD/IDR adhering to bullish pattern, USD/PHP false breakout?
- What are unique aspects of trading foreign exchange markets?
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 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/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/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/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
