US Dollar, USD/SGD, USD/MYR, USD/PHP, USD/IDR – ASEAN Technical Analysis
- US Dollar trying to reverse higher against ASEAN FX
- USD/SGD, USD/MYR and USD/PHP broke trend lines
- USD/IDR in a relatively neutral setting, eyes resistance
Singapore Dollar Technical Outlook
The US Dollar could be readying to reverse against the Singapore Dollar after USD/SGD closed above the key falling trend line from March. Confirmation of a breakout appears to be lackluster as prices retreated back into the 1.3670 – 1.3628 inflection zone. In the event of further gains, keep a close eye on the medium-term 50-day Simple Moving Average (SMA). That could reinstate the focus to the downside towards the August low at 1.3561. Otherwise, the pair could shoot to retest the 1.3805 – 1.3820 inflection zone.
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USD/SGD Daily Chart
Malaysian Ringgit Technical Outlook
The US Dollar may extend gains against the Malaysian Ringgit after USD/MYR confirmed a breakout above near term falling resistance from July. Prices now face the midpoint of the Fibonacci extension at 4.1835 on the way towards a potential falling trend line from March – red-dashed line on the chart below. A resumption of the dominant downtrend entails closing under 4.1370 should prices turn lower ahead. Otherwise, the pair could enter a consolidative setting.
USD/MYR Daily Chart
Philippine Peso Technical Outlook
The US Dollar has broken above key falling resistance from May against the Philippine Peso. Yet, upside confirmation has been somewhat lacking. USD/PHP has been idling under the October 2016 high at 48.66. A push above this price would expose the 50-day SMA, opening the door to reversing the dominant downtrend from March. Otherwise, a close under 48.36 exposes the November 2016 low. For ASEAN fundamental analysis, check out this week’s outlook here.
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USD/PHP Daily Chart
Indonesian Rupiah Technical Outlook
The US Dollar remains in a neutral setting against the Indonesian Rupiah. USD/IDR has been ranging between 14915 and 14525 since late June, pausing the bounce off rising support from January after extended declines throughout April and May. A push above the upper boundary opens the door to resuming gains on the way towards highs from 2018. Guiding the pair higher could be the 50-day SMA. Otherwise, a close under the lower boundary exposes 14342.
For updates on ASEAN currencies as they break key technical levels, be sure to follow me on Twitter @ddubrovskyFX.
USD/IDR Daily Chart
–— Written by Daniel Dubrovsky, Currency Analyst for DailyFX.com
To contact Daniel, use the comments section below or @ddubrovskyFX on Twitter