US Dollar, USD/SGD, USD/PHP, USD/IDR, USD/MYR – ASEAN Technical Analysis
- USD/SGD and USD/PHP settling into consolidation settings
- USD/IDR idling at key Fib, USD/MYR adhering to uptrend
- What are unique aspects of trading foreign exchange markets?
Singapore Dollar Technical Outlook
The Singapore Dollar remains in a consolidation setting against the US Dollar, a dynamic that has been occurring since early April. Prices are oscillating within a channel where the outer boundary of support sits around 1.4070 with corresponding resistance roughly at 1.4329. Confirming a technical breakout in either direction may be key to establishing the next dominant move. For the time being, the descent in USD/SGD since March has notably slowed. Breaching support or resistance exposes 1.4009 or 1.4415 respectively.
USD/SGD Daily Chart
USD/SGD Chart Created in TradingView
Philippine Peso Technical Outlook
The Philippine Peso also trades in a similar consolidative setting like the Singapore Dollar, though USD/PHP’s oscillation has been more lasting, occurring since November. Key support seems to sit between 50.38 – 50.52 with resistance at 51.13 – 51.30. There was an attempt made to breach the former earlier this month which failed to materialize, leaving behind another layer of support (50.12 – 50.19). A bounce off support may place the focus on 50.88 on the way towards 51.03.
USD/PHP Daily Chart
USD/PHP Chart Created in TradingView
Indonesian Rupiah Technical Outlook
The Indonesian Rupiah has paused its aggressive advance against the US Dollar since USD/IDR topped in early April. Prices were trading within a bullish Falling Wedge chart pattern and have since appeared to breach descending resistance. Follow-through is lacking at this point as the pair idles on the 61.8% Fibonacci extensions at 14773. Do keep in mind that the Bank of Indonesia is intervening to stabilize its currency as policymakers see IDR as undervalued. As such, weakness in the Rupiah could be offset by the central bank.
USD/IDR Daily Chart
USD/IDR Chart Created in TradingView
Malaysian Ringgit Technical Outlook
The Malaysian Ringgit appears to be pressuring Descending Triangle resistance. The latter is a continuation pattern whereby a break under support at 4.2930 could open the door to downtrend resumption. For the time being, USD/MYR seems to be adhering to rising support from January – blue line. That could pave the way for prices to overcome immediate resistance at 4.3360 on the way towards April peaks. The latter make for a technical barrier between 4.3830 – 4.3970. Pushing above this area exposes March highs.
USD/MYR Daily Chart
USD/MYR 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
