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US Dollar Ready for Reversal? USD/SGD, USD/PHP, USD/IDR, USD/MYR

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

  • US Dollar getting ready to turn higher versus ASEAN FX?
  • USD/SGD, USD/PHP, USD/IDR showing signs of bottom
  • USD/MYR remains in its downtrend, eyeing key trend line

Singapore Dollar Technical Outlook

The US Dollar has been rising versus the Singapore Dollar, with USD/SGD on the cusp of potentially breaking above key descending resistance from March. This follows the emergence of positive RSI divergence, a sign of fading downside momentum which can at times precede a turn higher. A close above the trend line exposes the medium-term 50-day Simple Moving Average (SMA), opening the door to a reversal. Otherwise, a turn lower from here places the emphasis on the 1.3571 – 1.3628 inflection zone.

USD/SGD Daily Chart

US Dollar Ready for Reversal? USD/SGD, USD/PHP, USD/IDR, USD/MYR

USD/SGD Chart Created in TradingView

Philippine Peso Technical Outlook

The US Dollar has broken above key falling resistance from late May against the Philippine Peso. Yet, USD/PHP’s breakout is lacking confirmation after prices paused on the October 2016 high at 48.66. Still, this does follow positive RSI divergence. A further upside close could open the door to a reversal, exposing the 50-day SMA. Otherwise, a turn lower and subsequent push under 48.36 places the focus on the low from November 2016.

USD/PHP Daily Chart

US Dollar Ready for Reversal? USD/SGD, USD/PHP, USD/IDR, USD/MYR

USD/PHP Chart Created in TradingView

Indonesian Rupiah Technical Outlook

The US Dollar has turned higher against the Indonesian Rupiah after USD/IDR bounced on the 50-day SMA. Yet, prices paused gains under the former rising trend line from early June which seems to be acting as new resistance. Resuming gains from June entails pushing above the August high at 14915. Beyond that price sits highs from 2018 which could stand in the way as new resistance between 15230 and 15265. Otherwise, a turn lower could place the emphasis on support at 14563.

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 Ready for Reversal? USD/SGD, USD/PHP, USD/IDR, USD/MYR

USD/IDR Chart Created in TradingView

Malaysian Ringgit Technical Outlook

The US Dollar seems to have found new support against the Malaysian Ringgit at 4.1370. Still, USD/MYR remains in a dominant downtrend since prices topped in March. A bounce off support from here places the focus on near-term falling resistance from late July. A further push above that places the focus on the midpoint of the Fibonacci extension at 4.1835. Otherwise, a push under support exposes the 78.6% extension at 4.1226 on the way towards the current 2020 low.

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USD/MYR Daily Chart

US Dollar Ready for Reversal? USD/SGD, USD/PHP, USD/IDR, USD/MYR

USD/MYR 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