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US Dollar at Pivotal Point? USD/SGD, USD/MYR, USD/PHP, USD/IDR

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

  • US Dollar testing key support against ASEAN FX index
  • USD/SGD at turning point? USD/MYR eyeing trend line
  • USD/PHP false breakout? USD/IDR facing 2018 highs

Singapore Dollar, Malaysian Ringgit, Philippine Peso, Indonesian Rupiah Technical Outlook

The US Dollar extended losses against ASEAN currencies like the Singapore Dollar, Malaysian Ringgit, Philippine Peso and Indonesian Rupiah since last week. On the chart below is my ASEAN-based USD index which averages the Dollar against SGD, MYR, PHP and IDR. It is eyeing the next key support test which is a combination of early April lows and a rising trend line from January. Falling through these technical barriers risks prolonging broad declines in the Greenback against ASEAN FX.

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ASEAN-Based US Dollar Index – Daily Chart

US Dollar at Pivotal Point? USD/SGD, USD/MYR, USD/PHP, USD/IDR

ASEAN Chart Created in TradingView

Singapore Dollar Technical Outlook

USD/SGD is testing critical support at 1.4115 which if taken out, exposes a rising trend line from earlier this year. If the latter holds, the US Dollar may bounce against the Singapore Dollar down the road and potentially retest falling resistance from April 20. Closing above 1.4199 opens the door to revisiting 1.4329. Otherwise further losses from here places the focus on a range of support between 1.4018 and 1.4043.

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USD/SGD 4-Hour Chart

US Dollar at Pivotal Point? USD/SGD, USD/MYR, USD/PHP, USD/IDR

USD/SGD Chart Created in TradingView

Malaysian Ringgit Technical Outlook

The Malaysian Ringgit could see near-term gains against the US Dollar after USD/MYR seemed to confirm a break under rising support “1” on the daily chart below. That has opened the door to testing trend line “2” as the pair faces former highs from June to August 2017. This makes for a range of support between 4.3085 to 4.2985. If this is taken out, USD/MYR may set course to retest former highs from October 2017. If prices rise instead, keep an eye on the range of resistance between 4.3830 to 4.3970.

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USD/MYR Daily Chart

US Dollar at Pivotal Point? USD/SGD, USD/MYR, USD/PHP, USD/IDR

USD/MYR Chart Created in TradingView

Philippine Peso Technical Outlook

The Philippine Peso appears to have experienced a false downside breakout through its persistent consolidative range between 50.38 to 51.30. USD/PHP is now trading within support where a push above 50.52 and falling resistance from March could open the door to retesting the upper range of consolidation. Another attempt to turn lower exposes the midpoint of the Fibonacci extension at 50.16 on the way to lows from 2018 at 49.73.

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USD/PHP Daily Chart

US Dollar at Pivotal Point? USD/SGD, USD/MYR, USD/PHP, USD/IDR

USD/PHP Chart Created in TradingView

Indonesian Rupiah Technical Outlook

The US Dollar is losing ground to the Indonesian Rupiah, especially after USD/IDR took out rising support “1” and then “2” on the daily chart below. That has exposed trend line “3” and the former peaks from 2018. The latter could make for new support at a range between 15230 to 15265. Taking out this area exposes the 38.2% Fibonacci retracement at 14773. Otherwise a turn higher has immediate resistance at 15524 which is the 61.8% level. Beyond that point sits the July 1998 high at 15750.

To stay updated on fundamental developments for ASEAN currencies, follow me on Twitter here @ddubrovskyFX

USD/IDR Daily Chart

US Dollar at Pivotal Point? USD/SGD, USD/MYR, USD/PHP, USD/IDR

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