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US Dollar Technical Forecast: USD/SGD, USD/IDR, USD/MYR, USD/PHP

US Dollar Technical Forecast: USD/SGD, USD/IDR, USD/MYR, USD/PHP

Daniel Dubrovsky, Strategist

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

  • USD/SGD may fall as prices clear 20-day SMA, will support hold?
  • USD/IDR could rise after pushing above the 50-day & 20-day SMA
  • USD/MYR eyeing June lows, USD/PHP idling around 2017 floor

Singapore Dollar Technical Outlook

The Singapore Dollar is pressuring the lower boundary of its consolidative range against the US Dollar, opening the door to a bounce or breakout. This floor in USD/SGD sits at 1.3872 with the ceiling at 1.3993. Prices have also cautiously pushed under the 20-Day Simple Moving Average (SMA), setting up for a near-term bearish outlook.

These technical achievements could pave the way for the pair to retest June lows which could make for a key zone of support between 1.3760 – 1.3805. Otherwise, a bounce places the focus on falling resistance from March – red line on the daily chart below.

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USD/SGD Daily Chart

US Dollar Technical Forecast: USD/SGD, USD/IDR, USD/MYR, USD/PHP

USD/SGD Chart Created in TradingView

Indonesian Rupiah Technical Outlook

The Indonesian Rupiah is losing ground to the US Dollar. Recently, USD/IDR pushed above the 50-day SMA after bouncing off the 20-day SMA. A confirmatory upside close could shift the medium-term technical outlook to bullish as price face the 61.8% Fibonacci retracement level at 14773.

Yet, negative RSI divergence does show that upside momentum is fading and that can at times precede a turn lower. Do keep in mind that further weakness in IDR could result in the Bank of Indonesia stepping in to stabilize its currency.

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USD/IDR Daily Chart

US Dollar Technical Forecast: USD/SGD, USD/IDR, USD/MYR, USD/PHP

USD/IDR Chart Created in TradingView

Malaysian Ringgit Technical Outlook

The Malaysian Ringgit may gain some more ground against the US Dollar after USD/MYR fell through the 20-day SMA. Prices are testing immediate support at 4.2600 which if taken out, opens the door to testing the key zone of support between 4.2350 – 4.2450.

A daily close under this range could open the door to resuming the top from March where prices established resistance between 4.4390 – 4.4480. In the event of a turn higher instead, keep a close eye on falling resistance for signs of a reversal – red line on the daily chart below.

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USD/MYR Daily Chart

US Dollar Technical Forecast: USD/SGD, USD/IDR, USD/MYR, USD/PHP

USD/MYR Chart Created in TradingView

Philippine Peso Technical Outlook

The Philippine Peso has been idling at its highest price against the US Dollar since 2017. Key support in USD/PHP sits immediately below as a zone between 49.26 – 49.37, this zone is a floor that held 3 years ago on multiple occasions and could be a pivotal point for the pair.

Immediate resistance sits above at 49.50 which is the 38.2% Fibonacci extension. A bounce and push above this price could open the door to testing the ceiling of the downtrend since March – red area on the daily chart below. Otherwise, clearing support opens the door to downtrend resumption towards the 61.8% extension at 48.93.

What is the road ahead for PHP? Check out this week’s ASEAN fundamental outlook

USD/PHP Daily Chart

US Dollar Technical Forecast: 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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