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

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

  • US Dollar losing ground again in ASEAN FX space
  • USD/SGD and USD/IDR may extend recent declines
  • USD/PHP false upside breakout? USD/MYR ranges
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Singapore Dollar Technical Outlook

The Singapore Dollar could be readying to extend gains against the US Dollar. That is because USD/SGD is trading within a Descending Triangle chart pattern. This is typically a bearish continuation formation, where a breakout under support at 1.3527 could open the door to resuming what has been the dominant downtrend since the middle of March. That exposes current 2020 lows, making a zone of support at 1.3441 – 1.3459. Otherwise, a bounce here above the ceiling of the triangle exposes the 1.3628 inflection point.

USD/SGD Daily Chart

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

USD/SGD Chart Created in TradingView

Indonesian Rupiah Technical Outlook

The Indonesian Rupiah may also be readying to extend recent gains against the US Dollar. USD/IDR appears to have confirmed a breakout under a bearish Rising Wedge. Short-term falling resistance from late September is also maintaining the focus to the downside. Furthermore, the pair fell under the medium-term 50-day Simple Moving Average (SMA). Key support sits below as the 14525 – 14563 inflection zone where a drop under it exposes 14342. Otherwise, a push above falling resistance may pave a way to revisit the September high.

USD/IDR Daily Chart

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

USD/IDR Chart Created in TradingView

Philippine Peso Technical Outlook

After some weakness, the Philippine Peso is back on the offense against the US Dollar. This is despite USD/PHP breaking above the falling trendline from March. Prices were unable to maintain a hold above the October 2016 high which seems to be acting as an inflection point at 48.66. The 50-day SMA held as key resistance, pressuring the pair lower. This leaves USD/PHP once again facing lows established in September as the pair prolongs its consolidation. A breakout lower exposes the October 2016 low at 47.92.

USD/PHP Daily Chart

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

USD/PHP Chart Created in TradingView

Malaysian Ringgit Technical Outlook

The US Dollar continues to consolidate against the Malaysian Ringgit since late August. Resistance sits above at 4.1740 with immediate support at 4.1350 followed by the September low. The 50-day SMA seems to be guiding USD/MYR slowly lower, establishing it as immediate resistance. A push above it could open the door to pressuring a potential falling trendline from March. Still, a meaningful push higher ought to see the pair climb through 4.1740 with subsequent confirmation.

For updates on ASEAN currencies as they break key technical levels, be sure to follow me on Twitter @ddubrovskyFX.

USD/MYR Daily Chart

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