US Dollar, USD/SGD, USD/MYR, USD/PHP, USD/IDR – ASEAN Technical Analysis
- The US Dollar losing its push against ASEAN currencies
- USD/SGD eyes bullish pattern, USD/MYR to trendlines
- USD/PHP facing mixed signals, USD/IDR could decline
Singapore Dollar Technical Outlook
The US Dollar has struggled to maintain recent gains against the Singapore Dollar after USD/SGD was unable to push above the 1.3760 – 1.3805 inflection zone. Since then, the pair turned lower towards September lows. However, there appears to be a bullish inverse Head and Shoulders chart pattern brewing. From here, prices may bounce off the right shoulder towards the neckline. A subsequent rise beyond 1.3805 may open the door to a broader reversal.
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USD/SGD Daily Chart
USD/SGD Chart Created in TradingView
Malaysian Ringgit Technical Outlook
The US Dollar may also be losing its battle against the Malaysian Ringgit. After recent gains, USD/MYR turned lower as the 50-day Simple Moving Average (SMA) acted as resistance alongside the September high at 1.4174. This has left the pair facing 4.1370 on the way towards key support between 4.1100 and 4.1226. A drop through the latter opens the door to resuming the dominant downtrend since March. Otherwise, a turn higher places the focus on the falling trendline from the same month.
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USD/MYR Daily Chart
Philippine Peso Technical Outlook
The US Dollar continues to trade sideways against the Philippine Peso as it faces conflicting technical signals ahead. An argument can be made that positive RSI divergence hints that a turn higher in USD/PHP could be in store ahead. That shows downside momentum fading. Yet, a combination of the 50-day SMA and falling trend line from March could maintain the bias tilted to the downside. A turn higher exposes 49.02 while a drop through key support at 48.28 exposes the October 2016 low.
For updates on ASEAN currencies as they break key technical levels, be sure to follow me on Twitter @ddubrovskyFX.
USD/PHP Daily Chart
USD/PHP Chart Created in TradingView
Indonesian Rupiah Technical Outlook
The US Dollar is struggling to make further upside progress against the Indonesian Rupiah. USD/IDR was tamed around key resistance between 14915 and 14975. The pair continues to trade within a bearish Rising Wedge. From here, a turn lower towards the floor of the wedge and a subsequent breakout to the downside could open the door to reversing the bounce since June, placing the focus on the low from then at 13935. Otherwise, a climb through 14975 exposes highs from 2018.
USD/IDR Daily Chart
USD/IDR 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