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US Dollar Reversal Taking Shape? USD/SGD, USD/MYR, USD/PHP, USD/IDR

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.

USD/SGD Daily Chart

US Dollar Reversal Taking Shape? USD/SGD, USD/MYR, USD/PHP, USD/IDR

USD/SGD Chart Created in TradingView

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.

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USD/MYR Daily Chart

US Dollar Reversal Taking Shape? USD/SGD, USD/MYR, USD/PHP, USD/IDR

USD/MYR Chart Created in TradingView

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.

USD/PHP Daily Chart

US Dollar Reversal Taking Shape? USD/SGD, USD/MYR, USD/PHP, USD/IDR

USD/PHP Chart Created in TradingView

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

US Dollar Reversal Taking Shape? 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