ASEAN Technical Outlook – USD/PHP, USD/SGD, USD/IDR, USD/MYR
Most ASEAN FX try daring bullish strikes in opposition to the US Greenback
USD/IDR, USD/MYR and USD/SGD eye dominant downtrend acceleration
USD/PHP faces important help which will open the door to extra declines
We launched our Q1 forecasts for currencies just like the US Greenback within the DailyFX Buying and selling Guides web page
USD/IDR Technical Evaluation – Dominant Downtrend Accelerates
Since breaking below the rising pattern line from January, the Indonesian Rupiah has accelerated its appreciation in opposition to the US Greenback as anticipated. Lately, USD/IDR achieved a every day shut with affirmation below former resistance at 14,215. This has opened the door to resuming the dominant downtrend. The subsequent important help space is a horizontal vary in between 13,923 and 13,848. Falling via it will open the door to testing 13,655 afterwards.
USD/IDR Each day Chart
USD/MYR Technical Evaluation – Key Help Damaged
Like what we’ve seen in USD/IDR, the Malaysian Ringgit can also be making honest progress in opposition to the US Greenback and extra positive aspects could also be in retailer forward. It’s because help has been damaged below four.1270 with a near-term falling resistance line retaining the downtrend collectively. This has uncovered December 2017 resistance/August 2018 help subsequent. Falling via that may then open the door to testing four.0710.
USD/MYR Each day Chart
USD/SGD Technical Evaluation – Consolidation Turns into Dominant Downtrend
Evidently the Singapore Greenback is transitioning away from consolidation mode and into appreciation in opposition to its US counterpart. A falling channel is now guiding USD/SGD decrease. The pair does sit proper on the border of channel help. This space can also be carefully aligned with a horizontal space of help between 1.35559 and 1.35284. Clearing it will open the door to testing 1.34897 which was former resistance in Might 2018.
USD/SGD Each day Chart
USD/PHP Technical Evaluation – Downtrend Eyes Subsequent Check
In the meantime the Philippine Peso is on the verge of testing its subsequent important help space. USD/PHP costs eye near-term horizontal vary help between 52.15 and 52.10. Descending via that may expose the Might 2018 lows round 51.59 in its dominant downtrend from October of the identical 12 months.
For updates on these ASEAN pairs that I’m carefully watching, it’s possible you’ll observe me on Twitter @ddubrovskyFX for extra fast actual time updates.
USD/PHP Each day Chart
**All Charts Created in TradingView
Learn this week’s ASEAN elementary outlook to study 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