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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

2020-11-19 04:30:00
Daniel Dubrovsky, Analyst
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US Dollar, USD/SGD, USD/IDR, USD/MYR, USD/PHP – ASEAN Technical Analysis

  • US Dollar extends losses against certain ASEAN FX
  • USD/SGD and USD/MYR breakout to the downside
  • USD/IDR and USD/PHP relatively more measured
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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.

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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.

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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.

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