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US Dollar Comeback in Focus: USD/SGD, USD/IDR, USD/MYR, USD/PHP

US Dollar Comeback in Focus: USD/SGD, USD/IDR, USD/MYR, USD/PHP

2020-06-18 03:00:00
Daniel Dubrovsky, Analyst
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US Dollar, USD/SGD, USD/IDR, USD/MYR, USD/PHP – ASEAN Technical Analysis

  • Is the US Dollar ready to rise more against ASEAN currencies?
  • USD/SGD climbed above key resistance as USD/IDR bounced
  • USD/MYR established new support, USD/PHP eyes resistance

The US Dollar is facing key resistance against ASEAN currencies such as the Singapore Dollar, Indonesian Rupiah, Malaysian Ringgit and Philippine Peso. On the daily chart below, my ASEAN-based US Dollar index bounced off key support nearby lows from March. Now, a test and push through the 4.1223 – 4.1318 inflection point could pave the way for broader appreciation in USD against Southeast Asian currencies.

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ASEAN-Based US Dollar Index – Daily Chart

US Dollar Comeback in Focus: USD/SGD, USD/IDR, USD/MYR, USD/PHP

ASEAN-Based USD Index Chart Created in TradingView

*My ASEAN-Based USD Index Averages USD/SGD, USD/PHP, USD/MYR and USD/IDR

Singapore Dollar Technical Outlook

The Singapore Dollar lost slight ground against its US counterpart after USD/SGD pushed above falling resistance from May – red line on the daily chart below. Prices seem to be eyeing resistance at 1.4009. Beyond that point, upside gains could be capped at the 1.4070 – 1.4113. Resuming the downtrend entails taking out key support (1.3760 – 1.3805), opening the door to testing the 78.6% Fibonacci extension at 1.3699.

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USD/SGD Daily Chart

US Dollar Comeback in Focus: USD/SGD, USD/IDR, USD/MYR, USD/PHP

USD/SGD Chart Created in TradingView

Indonesian Rupiah Technical Outlook

The US Dollar has gained cautiously against the Indonesian Rupiah after USD/IDR established new support at 13935. With prices eyeing the 78.6% Fibonacci retracement at 14240, a push above this point exposes the 14484 – 14525 inflection area. Otherwise, further losses may see the pair retest the current 2020 low at 13560. Do keep in mind that the Bank of Indonesia may reiterate the need for IDR intervention ahead.

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USD/IDR Daily Chart

US Dollar Comeback in Focus: USD/SGD, USD/IDR, USD/MYR, USD/PHP

USD/IDR Chart Created in TradingView

Malaysian Ringgit Technical Outlook

The Malaysian Ringgit is struggling to make gains against the US Dollar ever since USD/MYR closed under rising support from January – blue line on the chart below. Key support was established at 4.2350 – 4.2450 after positive RSI divergence emerged. The latter is a sign of fading downside momentum. A climb above 4.2780 opens the door to testing the 4.2930 – 4.3030 inflection area. Closing under support exposes 4.1600.

USD/MYR Daily Chart

US Dollar Comeback in Focus: USD/SGD, USD/IDR, USD/MYR, USD/PHP

USD/MYR Chart Created in TradingView

Philippine Peso Technical Outlook

The US Dollar temporarily popped higher against the Philippine Peso after a bullish technical pattern emerged, as expected. However, falling resistance from March – red lines below – maintained the dominant downward trajectory in USD/PHP. This has left prices facing early June lows which could stand in the way as support. Keep an eye on RSI in the event USD/PHP continues trading lower for signs of divergence. A push under 49.73 exposes the 38.2% Fibonacci extension at 49.49.

USD/PHP Daily Chart

US Dollar Comeback in Focus: USD/SGD, USD/IDR, USD/MYR, USD/PHP

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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