News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site. See our updated Privacy Policy here.

0

Notifications

Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
Subscribe
Please try again
More View more
Real Time News
  • 🇧🇷 Interest Rate Decision Actual: 5.25% Expected: 5.25% Previous: 4.25% https://www.dailyfx.com/economic-calendar#2021-08-04
  • Heads Up:🇧🇷 Interest Rate Decision due at 22:00 GMT (15min) Actual: 5.25% Expected: 5.25% Previous: 4.25% https://www.dailyfx.com/economic-calendar#2021-08-04
  • The US Dollar put in a strong spike this morning on the back of some comments from FOMC Vice Chair, Richard Clarida. Get your market update from @JStanleyFX here:https://t.co/eegD686FEi https://t.co/FQsHwu6RjN
  • Forex Update: As of 20:00, these are your best and worst performers based on the London trading schedule: 🇳🇿NZD: 0.39% 🇨🇦CAD: -0.04% 🇬🇧GBP: -0.19% 🇪🇺EUR: -0.23% 🇨🇭CHF: -0.27% 🇯🇵JPY: -0.40% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/y9WBLkpRXG
  • Heads Up:🇧🇷 Interest Rate Decision due at 21:00 GMT (15min) Expected: 5.25% Previous: 4.25% https://www.dailyfx.com/economic-calendar#2021-08-04
  • August is typically a risk-off month for FX markets, with the Japanese Yen and Swiss Franc the top performers. The Australian and New Zealand Dollars have declined the most. Get your market update from @CVecchioFX here:https://t.co/DeCKSRrDpz https://t.co/TMnfL74loo
  • Commodities Update: As of 20:00, these are your best and worst performers based on the London trading schedule: Gold: 0.07% Oil - US Crude: -0.25% Silver: -0.57% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/GePM1FoD1w
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Silver are long at 94.42%, while traders in France 40 are at opposite extremes with 78.72%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/oVnfHgqKie
  • Key levels worth watching for gold price action $XAUUSD $GLD $GC_F https://t.co/J3jKDK23PW
  • Uninspiring close for the major US stock indices https://t.co/xF0x9v2AyH
US Dollar at Risk: USD/SGD, USD/MYR Breakouts Eyed. USD/IDR, USD/PHP Hold

US Dollar at Risk: USD/SGD, USD/MYR Breakouts Eyed. USD/IDR, USD/PHP Hold

Daniel Dubrovsky, Strategist

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

Advertisement

Singapore Dollar Technical Outlook

The Singapore Dollar closed at its strongest against the US Dollar since June 2018 as USD/SGD set new 2020 lows. This follows positive Covid-19 vaccine developments further pressuring the greenback against emerging market currencies. USD/SGD now faces the 2018 inflection zone between 1.3311 and 1.3339. A daily close under the November 9th lower shadow at 1.3410 could open the door to extending losses. Otherwise, a push above the short-term falling trendline from late October exposes 1.3527.

USD/SGD Daily Chart

US Dollar at Risk: USD/SGD, USD/MYR Breakouts Eyed. USD/IDR, USD/PHP Hold

USD/SGD Chart Created in TradingView

Indonesian Rupiah Technical Outlook

The Indonesian Rupiah is hovering above the 13935-14012 support zone against the US Dollar. Immediate resistance seems to have been established at 14227. Recent price action does follow a bearish ‘Death Cross’ that formed back in October. That is when the short-term 20-day Simple Moving Average (SMA) crossed under the medium-term 50-day one. If USD/IDR breaks lower, it exposes the current 2020 low at 13560. Otherwise, a breach of resistance places the focus on 14342 towards 14525.

USD/IDR Daily Chart

US Dollar at Risk: USD/SGD, USD/MYR Breakouts Eyed. USD/IDR, USD/PHP Hold

USD/IDR Chart Created in TradingView

Malaysian Ringgit Technical Outlook

The Malaysian Ringgit has broken under a rectangle continuation pattern against the US Dollar. That has opened the door for USD/MYR to extend the dominant downtrend since the middle of March. Prices paused gains on the 4.0850 inflection point. A close below exposes the current 2020 low at 4.05. However, positive RSI divergence does warn that downside momentum is fading which can precede a turn higher. In such a case, keep a close eye on a short-term falling trendline from late October.

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: USD/SGD, USD/MYR Breakouts Eyed. USD/IDR, USD/PHP Hold

USD/MYR Chart Created in TradingView

Philippine Peso Technical Outlook

The Philippine Peso is struggling to extend gains against the US Dollar. This follows USD/PHP breaking below the 48.36 – 48.28 support zone that has defined its consolidation since late August. Key support sits below at 48.07, clearing this price exposes the October 2016 low towards the 38.2% Fibonacci extension at 47.35. Keep a close eye on the 50-day SMA which is appearing to maintain the focus to the downside. Here positive RSI divergence does persist as well, opening the door to a turn higher.

USD/PHP Daily Chart

US Dollar at Risk: USD/SGD, USD/MYR Breakouts Eyed. USD/IDR, USD/PHP Hold

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.

DISCLOSURES