ASEAN Technical Outlook – USD/PHP, USD/SGD, USD/IDR, USD/MYR
Positive factors within the Indonesian Rupiah, Malaysian Ringgit and Philippine Peso slowed
USD/MYR and USD/PHP could also be readying to show increased as US Greenback climbs
USD/SGD stays in a downtrend and USD/IDR entered consolidation mode
We launched our Q1 forecasts for currencies just like the US Greenback within the DailyFX Buying and selling Guides web page
USD/MYR Technical Evaluation – Coming into New Dominant Uptrend?
The US Greenback could also be readying to understand towards the Malaysian Ringgit within the days forward. On the USD/MYR each day chart beneath, the pair bottomed proper on the December 2017 resistance/August 2018 assist line at four.0925. This created an Inverted Hammer candlestick which warned flip increased may need been within the playing cards. What adopted was affirmation by way of extra closes to the upside.
USD/MYR rose above the near-term descending resistance line from late December. Closing above it might result in a brand new dominant uptrend. Instantly in the way in which as resistance is a variety in-between four.1270 and four.1300 earlier than exposing four.1450 – four.1475. In the meantime a flip decrease and a detailed beneath four.0925 would open the door to testing the August 9th, 2018 low at four.0710.
USD/MYR Day by day Chart
USD/PHP Technical Evaluation – Downtrend at Danger?
After breaching the outer boundaries of near-term assist at 52.10, USD/PHP seems to be on the verge of closing again above it in a false breakout. Concurrently, constructive RSI divergence warns that draw back momentum is fading and this may increasingly precede a reversal because it did again in November 2018. Although previous efficiency isn’t indicative of future outcomes.
For a brand new uptrend, I’d watch to see if the descending pattern line from mid December 2018 holds. A climb above it might result in extra positive factors down the highway. In that case, resistance after that seems to be 52.50 adopted by 52.77. For updates on the ASEAN pairs I’m intently watching, you could observe me on Twitter @ddubrovskyFX for extra quick updates.
USD/PHP Day by day Chart
USD/SGD Technical Evaluation – Downtrend Inside a Downtrend
The Singapore Greenback is again in its descending channel from October 2018 towards its US counterpart after a false breakout to the draw back. Nonetheless, it’s nonetheless inside the boundaries of a steeper descending channel (dashed yellow traces on the USD/SGD chart beneath) contained in the bigger one. As such, the downtrend continues to be intact as costs sit proper beneath resistance at 1.35729. Extending the pair’s decline nonetheless requires closing beneath a horizontal vary of assist between 1.34897 and 1.345625.
USD/SGD Day by day Chart
USD/IDR Technical Evaluation – Consolidation Mode
USD/IDR remained in consolidation mode after accelerating the dominant downtrend final week. Close to-term assist is at 14,000 whereas a push above 14,215 could open the door to testing 14,396 subsequent.
USD/IDR Day by 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 Foreign money Analyst for DailyFX.com
To contact Daniel, use the feedback part beneath or @ddubrovskyFX on Twitter