Technical Analysis

USD/MYR Could Drop Subsequent as Dominant Tendencies in IDR and PHP Proceed

ASEAN Technical Outlook – USD/PHP, USD/SGD, USD/IDR, USD/MYR, Headstone Doji

Malaysian Ringgit exhibiting a number of technical indicators that it might admire in opposition to USD subsequent

In the meantime the Singapore Greenback is in consolidation mode, however upside momentum is declining

The rapid dominant developments in USD/IDR and USD/PHP stay intact, awaiting subsequent transfer

We launched our 4Q forecasts for currencies just like the US Greenback within the DailyFX Buying and selling Guides web page

USD/MYR Technical Evaluation – Reversal Subsequent?

As anticipated, the development defining rising help line from September saved USD/MYR afloat because it didn’t fall underneath it. Since then, the Malaysian Ringgit misplaced floor to the US Greenback because it pushed above the September 2017 lows. However, a number of bearish indicators level that the development line from September would possibly come underneath hearth once more and maybe very quickly.

On the USD/MYR every day chart, now we have a Headstone Doji at its most up-to-date excessive which can be accompanied with unfavorable RSI divergence. The previous would require bearish affirmation by way of one other shut decrease however that could be the case given the latter. RSI divergence signifies fading upside momentum which can precede a flip decrease.

Ought to the dominant uptrend be overturned by way of an in depth underneath the rising line from September, near-term help could be eyed round four.1475 subsequent. In the meantime a resumption of the uptrend might have the Malaysian Ringgit depreciating to October 2017 ranges round four.2425.

USD/MYR Each day Chart

USD/MYR May Drop Next as Dominant Trends in IDR and PHP Continue

USD/SGD Technical Evaluation – In Consolidation Mode

The Singapore Greenback remained confined in-between key help and resistance boundaries as USD/SGD struggled to discover a route. A rising vary of help from June is protecting the dominant uptrend intact. That’s now mixed with a horizontal vary of help between 1.3718 and 1.3685.

In the meantime near-term resistance seems to be the July 2017 highs round 1.38633. We do have unfavorable RSI divergence right here as nicely which can precede a decline. However these aforementioned help boundaries should be cleared earlier than the dominant uptrend is overturned.

USD/SGD Each day Chart

USD/MYR May Drop Next as Dominant Trends in IDR and PHP Continue

USD/PHP Technical Evaluation – Downtrend Intact

The Philippine Peso stalled appreciated in opposition to the US Greenback since we final took a take a look at USD/PHP per week in the past. However, the brand new dominant downtrend nonetheless stays intact by way of the falling development line from October. From right here, rapid resistance is 53.24 which is the late August lows. A push above that exposes the descending line from October. In the meantime near-term help is at 52.80 adopted by 52.50 which is slightly below the November eightth low.

USD/PHP Each day Chart

USD/MYR May Drop Next as Dominant Trends in IDR and PHP Continue

USD/IDR Technical Evaluation – Dominant Uptrend Nonetheless Holds

In USD/IDR’s decline from earlier this month, the rising development line from January continues to be protecting the dominant uptrend intact. Till that development line falls aside, the Indonesian Rupiah may battle to make extra significant progress in opposition to the US Greenback. Trying on the weekly USD/IDR chart under, near-term help consists of the development line in addition to boundaries at 14,646 and 14,555. Quick resistance alternatively is the September 2015 excessive at 14,784 adopted by 14,930.

USD/IDR Weekly Chart

USD/MYR May Drop Next as Dominant Trends in IDR and PHP Continue

**All Charts Created in TradingView

Learn this week’s ASEAN basic outlook to study in regards to the underlying drivers for these currencies!

FX Buying and selling Sources

— Written by Daniel Dubrovsky, Junior Forex Analyst for DailyFX.com

To contact Daniel, use the feedback part under or @ddubrovskyFX on Twitter


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