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
  • What is your forex trading style? Take the quiz and find out: https://t.co/YY3ePT7Yu8 https://t.co/GFx3b1W0OD
  • RBNZ's Hawkesby talking "considered steps" when setting monetary policy, leaning towards 25bps - With money markets pricing in 31bps worth of tightening at the October meeting. Room for disappointment. https://t.co/C7DHnPIeuU https://t.co/K2835aP57Z
  • Gold has plunged nearly 5% off the Monthly high with the sell-off now probing key weekly support here at 1738/47- looking for a pivot here with the Fed interest rate decision on tap. Get your $XAUUSD market update from @MBForex here:https://t.co/Vnxi4143uT https://t.co/zTpqrFIZfk
  • RBNZ: - We have benefitted from a robust rebound in China, our main trading partner - The interruption to the economy's supply side has lasted longer than expected
  • RBNZ: - Vaccination program has aided a stronger-than-expected rebound in the global economy - Demand for our exports has fared better than previous recessions
  • Between the volatile risk trend picture at the moment along with the Fed rate decision and expected 100bp hike from the Brazilian central bank both on Wednesday, $USDBRL is going to be a very interesting pair to watch...
  • RT @EricBalchunas: $SPY traded more than the Top 5 stocks combined. Just when you think $SPY is fading away like an aging legend you realiz…
  • Bitcoin sharply lower on the day, but well off session lows around $42,500 $BTCUSD #Bitcoin https://t.co/mPiZMs8eYH
  • You know what index didn't suffer an overtly threatening reversal this past session? The Russell 2000. It didn't continue the same steady climb through 2021 that the Dow, SPX and Nasdaq enjoyed; so not as much excess premium https://t.co/ieHojAC7b5
  • USD/JPY extends the rebound from the weekly low (109.11) as the stronger-than-expected US Retail Sales report fuels speculation for an imminent shift in monetary policy. Get your $USDJPY market update from @DavidJSong here:https://t.co/Rozq62yAou https://t.co/toaAHiCavK
US Dollar May Still Struggle: USD/SGD, USD/IDR, USD/MYR, USD/PHP

US Dollar May Still Struggle: USD/SGD, USD/IDR, USD/MYR, USD/PHP

Daniel Dubrovsky, Strategist

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

  • US Dollar may be at risk to further losses vs ASEAN FX
  • USD/SGD confirmed break under lows form early 2020
  • USD/IDR eyes triangle, USD/MYR & USD/PHP may fall
Advertisement

Singapore Dollar Technical Outlook

The Singapore Dollar may be readying to extend gains against the US Dollar following a break under long-term rising support from 2014. Moreover, USD/SGD has seemingly confirmed a drop through January 2020 lows, exposing an inflection zone from 2018 between 1.3311 and 1.3339. A push under this area could open the door to testing lows from the same year. Positive RSI divergence shows that downside momentum is fading. In the event of a turn higher, keep a close eye on the near-term 20-day Simple Moving Average (SMA).

USD/SGD Daily Chart

US Dollar May Still Struggle: USD/SGD, USD/IDR, USD/MYR, USD/PHP

USD/SGD Chart Created in TradingView

Indonesian Rupiah Technical Outlook

The Indonesian Rupiah is trading within an Ascending Triangle against the US Dollar. Depending on the direction of the breakout, USD/IDR may find itself either aiming for June lows or the 50-day SMA above. Regardless of the outcome, finding confirmation of a breakout is key. A subsequent push under 13935 exposes the January 2020 low at 13560. Otherwise, climbing above the 50-day SMA exposes the 14525 – 14563 inflection zone.

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

USD/IDR Daily Chart

US Dollar May Still Struggle: USD/SGD, USD/IDR, USD/MYR, USD/PHP

USD/IDR Chart Created in TradingView

Malaysian Ringgit Technical Outlook

The Malaysian Ringgit continues its advance against the US Dollar as USD/MYR nears the current 2020 low at 4.05. Prices are hovering above the 61.8% Fibonacci extension at 4.0638. This follows a breakout under a bearish Rectangle chart pattern. In the event of a turn higher, the 20-day SMA could come into play as resistance. More broadly speaking, the dominant downtrend seems to be holding thanks to a descending zone of resistance from March’s top. It would probably take a push above it to open the door to a bigger reversal.

USD/MYR Daily Chart

US Dollar May Still Struggle: USD/SGD, USD/IDR, USD/MYR, USD/PHP

USD/MYR Chart Created in TradingView

Philippine Peso Technical Outlook

The Philippine Peso also extended gains against the US Dollar, with USD/PHP now on the cusp of testing the October 2016 low. A close under 47.92 exposes the inflection zone from earlier in the same year between 47.34 and 47.53. In the event of a turn higher, the 50-day SMA could maintain the focus to the downside. Should prices push beyond that, the 48.68 – 48.82 resistance zone would likely be the next key technical barrier to watch for should the dominant downtrend be at risk.

USD/PHP Daily Chart

US Dollar May Still Struggle: 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.

DISCLOSURES