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
- USD/SGD eyeing curve resistance, USD/MYR to triangle pattern
- USD/IDR faces Falling Wedge, USD/PHP back in consolidation
- What are unique aspects of trading foreign exchange markets?
Singapore Dollar Technical Outlook
The US Dollar seems to be hanging on to its general uptrend against some of its ASEAN counterparts. This is as USD/SGD appears to be attempting to break under rising support from January. Still, the Singapore Dollar has key support to overcome which may curb its progress. This is a range between 1.4070 – 1.14113. A drop through this area exposes 1.4009 on the way towards March lows. A bounce here places the focus on key resistance (1.4278 – 1.4329). The latter was established as a descending curve from March flattened out.
USD/SGD Daily Chart
Malaysian Ringgit Technical Outlook
The US Dollar appears to be adhering to rising support from January against the Malaysian Ringgit – blue line on the daily chart below. While that may be offering a cautiously upward tilt, a Descending Triangle seems to be forming in USD/MYR. This is a continuation pattern whereby a break under support (4.2930 – 4.3030) could signify a bearish reversal to come. That would place the focus on 4.2425, or the October 2017 high. Overturning this formation entails pushing above descending resistance, exposing 4.3830 – 4.3970.
USD/MYR Daily Chart
Indonesian Rupiah Technical Outlook
The Indonesian Rupiah continues to outperform against the US Dollar as USD/IDR tests the 61.8% Fibonacci retracement at 14773. The pair’s descent resulted in taking out rising support from February – blue line. While that may speak to an underlying bearish trajectory, USD/IDR is also adhering to a Falling Wedge bullish reversal pattern. A push above the downward-sloping ceiling may open the door to a turning point. That could place the focus on resistance (15230 – 15265). Otherwise, the peaks from 2019 inch closer (14484 – 14525).
USD/IDR Daily Chart
Philippine Peso Technical Outlook
The US Dollar held its ground against the Philippine Peso after another failed attempt in USD/PHP to clear key support (50.38 – 50.52). This has extended the pair’s consolidation since November. It seems that a new support range has formed under this area between 50.12 – 50.19. This area closely aligns with lows from August and November 2017. If immediate support holds here, a bounce would place the focus on 50.88 followed by 51.03. Consolidation resistance seems to be a range between 51.13 – 51.30.
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
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.