Technical Analysis

USD/PHP Fall to Pause? USD/MYR Eyes New Excessive, USD/IDR Uptrend Held

ASEAN Technical Outlook – USD/PHP, USD/SGD, USD/IDR, USD/MYR, RSI Divergence

Philippine Peso energy could pause within the days forward as draw back momentum is fading

Malaysian Ringgit saved depreciating regardless of reversal warning indicators, at new 2018 highs

USD/IDR uptrend holds given cussed assist, could climb subsequent. USD/SGD oscillating

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

USD/PHP Technical Evaluation – Downtrend Accelerates

The US Greenback struggled appreciating in opposition to the Philippine Peso since we final checked out USD/PHP. The pair resumed its dominant downtrend from October, knocking out a horizontal vary of assist between 52.68 and 52.70. This has uncovered the Could low at 51.90 however getting there requires descending by way of Fibonacci extension ranges on the chart under. The primary one is the 50% midpoint at 52.38 adopted by 52.15 earlier than focusing on 51.84. Optimistic RSI divergence warns that draw back momentum is ebbing and it could precede a correction.

USD/PHP Each day Chart

USD/PHP Fall to Pause? USD/MYR Eyes New High, USD/IDR Uptrend Held

USD/MYR Technical Evaluation – Uptrend Resuming?

Final week’s headstone doji candle in USD/MYR, which indicated indecision, did not spark a bearish reversal. Close to-term assist held at four.1855 which is simply above the September 2017 lows. Since then, the US Greenback climbed to a brand new excessive this 12 months in opposition to the Malaysian Ringgit.

This uncovered the October 2017 lows round four.2150 which can act as near-term resistance subsequent. Nevertheless, adverse RSI divergence nonetheless exhibits that upside momentum is fading. Ought to USD/MYR flip decrease, it should descend by way of four.18 to face an opportunity at testing the rising development line from September.

USD/MYR Each day Chart

USD/PHP Fall to Pause? USD/MYR Eyes New High, USD/IDR Uptrend Held

USD/IDR Technical Evaluation – Dominant Uptrend Holds

Whereas the Indonesian Rupiah appreciated in opposition to the US Greenback since we final checked out USD/IDR, the rising development line from January continues to be conserving the dominant uptrend intact. Ought to the pair fall by way of it, affirmation of a break shall be wanted. Ideally, this might be through an in depth below the November 9th low at 14,535. Optimistic RSI divergence nonetheless exhibits that draw back momentum is waning and it could precede a flip larger as assist holds. This may have the September 2015 excessive in sight as near-term resistance.

USD/IDR Each day Chart

USD/PHP Fall to Pause? USD/MYR Eyes New High, USD/IDR Uptrend Held

USD/SGD Technical Evaluation – Nonetheless in Consolidation

As anticipated, adverse RSI divergence preceded a flip decrease in USD/SGD. Nevertheless, the US Greenback did not fall by way of a horizontal barrier between 1.3718 and 1.36855 in opposition to its Singaporean counterpart. Moreover, a rising channel from June can be conserving the dominant uptrend holding collectively. With that in thoughts, USD/SGD nonetheless stays in consolidation mode. Fast resistance is at 1.38185 which consists of the August and September highs. Climbing above that exposes the July 2017 highs round 1.38185.

USD/SGD Each day Chart

USD/PHP Fall to Pause? USD/MYR Eyes New High, USD/IDR Uptrend Held

**All Charts Created in TradingView

Learn this week’s ASEAN elementary outlook to study concerning the underlying drivers for these currencies!

FX Buying and selling Sources

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

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


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