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US Dollar at Risk as it Pressures Support? USD/SGD, USD/IDR, USD/MYR, USD/PHP

US Dollar at Risk as it Pressures Support? USD/SGD, USD/IDR, USD/MYR, USD/PHP

Daniel Dubrovsky, Strategist

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

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Singapore Dollar Technical Outlook

The Singapore Dollar is back on the offensive against the US Dollar. This is after USD/SGD turned lower after falling resistance from June held – red area on the chart below. With that in mind, the pair’s consolidation is set to continue as the USD/SGD aims to challenge the 1.3527 – 1.3543 support zone again. If it holds, we may see a push higher back towards falling resistance and late October highs. Otherwise, downtrend resumption exposes early 2020 lows.

USD/SGD Daily Chart

US Dollar at Risk as it Pressures Support? USD/SGD, USD/IDR, USD/MYR, USD/PHP

USD/SGD Chart Created in TradingView

Indonesian Rupiah Technical Outlook

The Indonesian Rupiah extended cautious gains against the US Dollar, as expected. This follows USD/IDR breaking under a bearish ‘Rising Wedge’ and ‘Death Cross’. The latter occurred after the short-term 20-day Simple Moving Average (SMA) crossed under the 50-day SMA. Now, the pair is testing the 14525 – 14563 inflection zone. A break under here would open the door to extending losses towards support at 14342. Beyond that sits the June low. Otherwise, key resistance sits at 14915 – 14975.

USD/IDR Daily Chart

US Dollar at Risk as it Pressures Support? USD/SGD, USD/IDR, USD/MYR, USD/PHP

USD/IDR Chart Created in TradingView

Malaysian Ringgit Technical Outlook

The US Dollar is struggling to push higher against the Malaysian Ringgit. Falling resistance from March seems to be maintaining the focus to the downside in USD/MYR. But overall, the pair remains in a consolidative state. Prices are ranging between support (4.1350) and resistance (4.1740). A push above the latter exposes the 38.2% Fibonacci extension at 4.2086. Otherwise, the pair could retest September lows on the way towards 4.0500.

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

USD/MYR Daily Chart

US Dollar at Risk as it Pressures Support? USD/SGD, USD/IDR, USD/MYR, USD/PHP

USD/MYR Chart Created in TradingView

Philippine Peso Technical Outlook

The Philippine Peso has been gaining very cautiously against the US Dollar since the middle of October. However, USD/PHP has been consolidating since late August in directionless trade. The 48.28 – 48.36 remains a crucial support zone that stands in the way between the pair and retesting October 2016 lows. Positive RSI divergence does warn that downside momentum is fading, which can at times precede a turn higher. Key resistance levels to watch above include 48.66 followed by 48.82.

USD/PHP Daily Chart

US Dollar at Risk as it Pressures Support? 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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