Technical Analysis

USD/IDR Makes an attempt Reversing 2018 Uptrend. SGD, PHP Eye Resistance

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

USD/IDR trying a break underneath the 2018 rising development line, dominant uptrend in danger

USD/SGD and USD/PHP are aiming larger however face vital areas of resistance forward

USD/MYR upside push struggled and a brand new resistance vary shaped, now consolidating

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

USD/IDR Technical Evaluation – Dominant Uptrend At Threat

The Indonesian Rupiah has spent most of this yr to this point depreciating in opposition to the US Greenback, which may be on the verge of adjusting. Wanting on the USD/IDR each day chart beneath, the pair has damaged by the rising development line from January. Granted, the Rupiah has been struggling in sustaining its progress and constructive RSI divergence warns that draw back momentum is ebbing which can precede a flip larger.

With that in thoughts, maybe a detailed underneath 14,396 could affirm an enduring descent to return. This worth has acted as resistance and help from June to August. Falling by it exposes 14,215 afterwards. Ought to USD/IDR battle in sustaining its draw back break, near-term resistance seems to be at 14,646. A push above that opens the door to testing the September 2015 excessive at 14,784.

USD/IDR Each day Chart

USD/IDR Attempts Reversing 2018 Uptrend. SGD, PHP Eye Resistance

USD/SGD Technical Evaluation – Heading In the direction of Resistance, Nonetheless in Consolidation Mode

Typically talking, the Singapore Greenback has largely been in consolidation mode in opposition to its US counterpart with a slight bias to the upside. That is largely because of a rising vary of help relationship again to July. It appears to be like as if resistance can be coming underneath fireplace once more subsequent. USD/SGD help held between 1.3718 and 1.3685 and now the pair is heading for the August and September highs round 1.38185. Nonetheless, even a push above that leaves the July 2017 highs as resistance subsequent. An ascent by which will open the door to uptrend resumption.

USD/SGD Each day Chart

USD/IDR Attempts Reversing 2018 Uptrend. SGD, PHP Eye Resistance

USD/PHP Technical Evaluation – Sitting Squarely at Resistance

Final time once I regarded on the Philippine Peso, constructive RSI divergence warned that USD/PHP might need been on the verge of rising. That was certainly the case. Whereas the pair made upside progress in current days, costs stopped wanting the horizontal vary of former help now resistance between 52.77 and 52.68. Till this space is breached, it might be too quickly to argue that the pair is heading for an enduring reversal of the downtrend since October. A push above that although would expose a descending development line from then.

USD/PHP Each day Chart

USD/IDR Attempts Reversing 2018 Uptrend. SGD, PHP Eye Resistance

USD/MYR Technical Evaluation – Again in Consolidation Mode

Once I lined USD/MYR final, the pair was trying an upside break in direction of the October 2017 lows. The push in the end failed and left behind a brand new vary of resistance between four.1990 and four.1950. The Malaysian Ringgit can also be sitting proper above the September 2017 lows at four.18. With that in thoughts, USD/MYR stays in consolidation mode. Do word that unfavorable RSI divergence is current right here. Although a flip decrease would contain clearing a rising help line from September which can lead to an enduring reversal.

USD/MYR Each day Chart

USD/IDR Attempts Reversing 2018 Uptrend. SGD, PHP Eye Resistance

**All Charts Created in TradingView

Learn this week’s ASEAN basic outlook to be taught concerning the underlying drivers for these currencies!

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

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


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