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US Dollar Drop Slows, Momentum Fading? USD/SGD, USD/IDR, USD/MYR, USD/PHP

US Dollar Drop Slows, Momentum Fading? 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 weakness appears to be slowing against ASEAN FX
  • USD/SGD, USD/MYR, USD/PHP downside momentum fading?
  • USD/IDR is awaiting a breakout as it trades within a triangle
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Singapore Dollar Technical Outlook

The Singapore Dollar continues to make progress against the US Dollar, though momentum has been somewhat fading recently. Positive RSI divergence shows this, which can at times precede a turn higher. The next key challenge to extend the dominant downtrend in USD/SGD is the 1.3339 – 1.3311 inflection zone – see chart below. Clearing this range would expose the midpoint of the Fibonacci extension at 1.3242. In the event of a turn higher, the 20-day and 50-day Simple Moving Averages may reinstate the focus to the downside.

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USD/SGD Daily Chart

US Dollar Drop Slows, Momentum Fading? USD/SGD, USD/IDR, USD/MYR, USD/PHP

USD/SGD Chart Created in TradingView

Indonesian Rupiah Technical Outlook

The Indonesian Rupiah continues to trade within an Ascending Triangle chart pattern against the US Dollar. The direction of the breakout could offer a clue as to whether or not USD/SGD extends losses from early November. A push under 14110 exposes June lows on the way towards the January 2020 bottom. Otherwise, a break above the ceiling of the triangle places the focus on 14342 and the 50-day SMA on the chart below.

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 Drop Slows, Momentum Fading? USD/SGD, USD/IDR, USD/MYR, USD/PHP

USD/IDR Chart Created in TradingView

Malaysian Ringgit Technical Outlook

The Malaysian Ringgit is approaching its strongest against the US Dollar since January 2020 in what has been the dominant downtrend in USD/MYR since March. Keep a close eye on RSI, which is appearing to show signs of positive divergence. A bounce may place the focus on the 20-day SMA which could keep the focus towards the downside. A broader reversal in the Malaysian Ringgit likely entails a push above the falling range of resistance from late March.

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USD/MYR Daily Chart

US Dollar Drop Slows, Momentum Fading? USD/SGD, USD/IDR, USD/MYR, USD/PHP

USD/MYR Chart Created in TradingView

Philippine Peso Technical Outlook

The Philippine Peso is idling against the US Dollar as USD/PHP trades around October 2016 lows. Much like in USD/SGD, USD/IDR and USD/MYR, the pair has been declining since March, guided lower by the 50-day SMA. A break under 47.92 exposes and inflection zone between 47.34 and 47.53. But, like with USD/MYR, positive RSI divergence may emerge. A climb above the former 48.28 – 48.36 support zone exposes highs from September and October.

USD/PHP Daily Chart

US Dollar Drop Slows, Momentum Fading? 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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