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US Dollar Primed to Rise? USD/SGD, USD/IDR, USD/PHP, USD/PHP

US Dollar Primed to Rise? USD/SGD, USD/IDR, USD/PHP, USD/PHP

Daniel Dubrovsky, Strategist

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

  • US Dollar may rise against ASEAN FX, 20-day SMAs eyed
  • Gains in USD/SGD may result in testing key trend line next
  • USD/IDR and USD/MYR may follow as USD/PHP bottoms

Singapore Dollar Technical Outlook

The Singapore Dollar remains in range-bound trade against the US Dollar as USD/SGD consolidates between support (1.3872) and resistance (1.3993). The pair is appearing to push slightly above the 20-day simple moving average (SMA). Upside confirmation could spell a cautiously bullish technical tilt for the pair to come. Further gains from here could see prices test falling resistance from March’s top – red line. Otherwise, downtrend resumption entails a close under the June low at 1.3805.

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USD/SGD Daily Chart

US Dollar Primed to Rise? USD/SGD, USD/IDR, USD/PHP, USD/PHP

USD/SGD Chart Created in TradingView

Indonesian Rupiah Technical Outlook

The Indonesian Rupiah could be at risk ahead. That is because USD/IDR recently took out falling resistance from April – red line – while also pushing above the 20-day SMA. That has exposed former highs from May 2019 which could stand in the way as resistance in the 1484 – 14525 area. Do keep in mind however that the Bank of Indonesia is closely watching the exchange rate as it sees IDR as undervalued. Weakness in the Rupiah could see the central bank step in to alleviate deep selling pressure.

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USD/IDR Daily Chart

US Dollar Primed to Rise? USD/SGD, USD/IDR, USD/PHP, USD/PHP

USD/IDR Chart Created in TradingView

Philippine Peso Technical Outlook

The Philippine Peso could suffer despite USD/PHP recently descending to the 2018 low at 49.73. The pair has left behind positive RSI divergence which is a sign of fading downside momentum. At times, this can precede a turn higher. Such a move could see the pair pressure key falling resistance from March – red lines. This could reinstate the key downtrend since then. With that in mind, further declines in USD/PHP from here has prices eyeing the 38.2% Fibonacci extension at 49.49. Just below sits the midpoint at 49.21.

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USD/PHP Daily Chart

US Dollar Primed to Rise? USD/SGD, USD/IDR, USD/PHP, USD/PHP

USD/PHP Chart Created in TradingView

Malaysian Ringgit Technical Outlook

The US Dollar may gain against the Malaysian Ringgit after USD/MYR pushed above the 20-day SMA. However, this may not mean that the pair may see a key change in trend. Falling resistance from March – red line – could reinstate the downtrend. The pair also has to climb through the 4.2930 – 4.3030 inflection range. If these points of resistance are taken out, that would expose the May high at 4.3660. Otherwise, downtrend resumption would entail closing under key support (4.2350 – 4.2450).

USD/MYR Daily Chart

US Dollar Primed to Rise? USD/SGD, USD/IDR, USD/PHP, USD/PHP

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

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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