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

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

2020-10-08 01:00:00
Daniel Dubrovsky, Analyst
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US Dollar, USD/MYR, USD/IDR, USD/SGD, USD/PHP – ASEAN Technical Analysis

  • Will the US Dollar resume losses against ASEAN FX?
  • USD/MYR eyeing bullish signal, USD/IDR to bearish
  • USD/SGD facing critical support, USD/PHP ranges
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Malaysian Ringgit Technical Outlook

The US Dollar has been struggling to gain further ground against the Malaysian Ringgit after USD/MYR bounced off 4.1100 in September. Yet, the pair could be readying to push higher in the wake of a bullish Inverse Head and Shoulders chart pattern. A break above the neckline around 4.1740 would expose a potential falling trend line from March. Yet, the medium-term 50-day Simple Moving Average could also reinstate the focus to the downside. Resuming the downtrend entails a break under 4.1100 towards 4.0850.

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USD/MYR Daily Chart

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

USD/MYR Chart Created in TradingView

Indonesian Rupiah Technical Outlook

The US Dollar may be at risk to the Indonesian Rupiah after USD/IDR broke under a bearish Rising Wedge chart pattern. A confirmatory further downside close would underscore the technical implications of the wedge. The pair also closed under the 50-day SMA. A fall through the 14710 inflection point could open the door to testing the 14525 – 14563 range. Otherwise, resuming the uptrend since June entails a push above key resistance which is a range between 14915 and 14975.

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USD/IDR Daily Chart

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

USD/IDR Chart Created in TradingView

Singapore Dollar Technical Outlook

The US Dollar is once again losing ground against the Singapore Dollar after USD/SGD rejected the 1.3760 – 1.3805 inflection zone in late September. Now the pair is on the border of the 1.3543 – 1.3578 support zone established in late August. Following the recent leg lower, it seems descending resistance was established going back to June – red parallel lines below. A bounce at support could see the pair climb back towards falling resistance. Otherwise, clearing support exposes the July 2019 low at 1.3513.

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USD/SGD Daily Chart

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

USD/SGD Chart Created in TradingView

Philippine Peso Technical Outlook

The US Dollar remains in a consolidative setting against the Philippine Peso. USD/PHP has been idling between 48.28 and 48.66 since the middle of August. Now, the pair is contesting falling resistance from March. It could reinstate the focus to the downside, exposing the October 2016 low at 47.92. Should USD/PHP rise instead, keep a close eye on the 50-day SMA immediately above. It could also behave as key resistance. Otherwise, clearing it places the focus on 49.02 next.

For updates on ASEAN currencies as they break key technical levels, be sure to follow me on Twitter @ddubrovskyFX.

USD/PHP Daily Chart

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

https://www.tradingview.com/symbols/USDPHP/?exchange=FX_IDC

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

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