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US Dollar Technical Forecast: USD/SGD, USD/PHP, USD/IDR, USD/MYR

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

  • USD/SGD eyeing bullish Falling Wedge chart pattern
  • USD/PHP could reverse higher on a Bullish Engulfing
  • USD/IDR dips towards trend line. USD/MYR may fall

Singapore Dollar Technical Outlook

The US Dollar is trading within a Falling Wedge bullish reversal chart pattern against the Singapore Dollar. USD/SGD recently bounced off the floor of the wedge and may test the ceiling ahead. A breakout to the upside could open the door to a reversal given a daily close higher. A further push above 1.3760 would expose the 1.3805 – 1.3820 inflection zone. Otherwise, a turn lower places the focus on support at 1.3628 on the way towards the 1.3558 – 1.3571 inflection zone.

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USD/SGD Daily Chart

US Dollar Technical Forecast: USD/SGD, USD/PHP, USD/IDR, USD/MYR

USD/SGD Chart Created in TradingView

Philippine Peso Technical Outlook

The US Dollar may turn higher against the Philippine Peso after a Bullish Engulfing candlestick pattern emerged. This is as USD/PHP paused its descent on the 78.60% Fibonacci extension at 48.53. A turn higher from here would place the focus on key falling resistance from late May which could maintain the dominant downtrend. Beyond that trend line sits the 61.8% Fibonacci extension at 48.93. Otherwise, a drop through immediate support exposes the November 2016 low.

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USD/PHP Daily Chart

US Dollar Technical Forecast: USD/SGD, USD/PHP, USD/IDR, USD/MYR

USD/PHP Chart Created in TradingView

Indonesian Rupiah Technical Outlook

The Indonesian Rupiah gained on Wednesday after the Bank of Indonesia monetary policy announcement. As anticipated, the central bank reiterated its effort to stabilize IDR, sending USD/IDR lower. That has left behind key resistance at 14915. Below is near-term rising support from June which could reinstate the focus to the upside. Otherwise, a drop through it would expose the 14563 inflection point. Beyond that price sits lows from July at 14342.

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 Technical Forecast: USD/SGD, USD/PHP, USD/IDR, USD/MYR

USD/IDR Chart Created in TradingView

Malaysian Ringgit Technical Outlook

The Malaysian Ringgit has extended gains against the US Dollar in the aftermath of USD/MYR breaking under a Descending Triangle continuation chart pattern. Guiding the pair lower is near-term falling resistance from late July. Prices seem to be aiming for the March low at 4.1600. A bounce off that price could open the door for a retest of the short-term falling trend line. A push above it exposes the 38.2% Fibonacci extension at 4.2086. A drop under 4.1600 may set the course to face the 78.6% extension at 4.1226.

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USD/MYR Daily Chart

US Dollar Technical Forecast: USD/SGD, USD/PHP, USD/IDR, USD/MYR

— Written by Daniel Dubrovsky, Currency Analyst for DailyFX.com

To contact Daniel, use the comments section below or @ddubrovskyFX on Twitter