ASEAN Technical Outlook – USD/PHP, USD/SGD, USD/IDR, USD/MYR
US Greenback could acquire towards the Malaysian Ringgit, Indonesian Rupiah subsequent
USD/SGD neat-term uptrend dealing with a number of descending pattern strains forward
Philippine Peso again at sq. one, assist and resistance had been strengthened
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 – Draw back Momentum Fading
The Malaysian Ringgit is making an attempt to increase positive factors towards the US Greenback since USD/MYR resumed the dominant downtrend from November 2018. Its non permanent uptrend throughout the center of January was launched after an inverted hammer as anticipated. Resistance then held at four.1450 and now the pair finds itself sitting proper above a descending pattern line from September.
Constructive RSI divergence does warn that draw back momentum is ebbing and it could precede a flip greater within the near-term. This is able to place instant resistance at four.0925 which if damaged, may open the door to a climb in the direction of four.1300. Alternatively, resumption of the downtrend would place the following space of assist at four.0710.
USD/MYR Day by day Chart
USD/IDR Technical Evaluation – Help Could Maintain
The Indonesian Rupiah finds itself in an analogous state of affairs because the Malaysian Ringgit, USD/IDR is making an attempt to renew the dominant downtrend from November 2018. Because it approaches instant assist (13,923 – 13,848), optimistic RSI divergence is overshadowing declines. If draw back momentum right here too fades, an uptrend must overcome a descending resistance line from the start of January. Pushing above it then locations resistance at 14,215.
USD/IDR Day by day Chart
USD/SGD Technical Evaluation – Going through Descending Resistance Subsequent?
The US Greenback is making an attempt to make upside progress towards the Singapore Greenback after assist in USD/SGD held (1.34897 – 1.34562). Nevertheless, the dollar faces a number of obstacles forward. The primary is a falling resistance line from December 2018. Pushing above it then exposes one other one from November. Ought to USD/SGD resume its downtrend, a fall by means of assist exposes a descending pattern line from November.
USD/SGD Day by day Chart
USD/PHP Technical Evaluation – Two Months and Again to Sq. One
After about two months of consolidation, USD/PHP finds itself at roughly the identical place. Key assist has been strengthened between 52.12 – 52.00 whereas resistance seems to be a descending vary from December 2018 (parallel pink strains on the chart under). Pushing above it then exposes the following space of key resistance between 53.24 – 53.32.
For updates on the ASEAN pairs I’m intently watching, it’s possible you’ll comply with me on Twitter @ddubrovskyFX for extra instant updates.
USD/PHP Day by day Chart
**All Charts Created in TradingView
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— Written by Daniel Dubrovsky, Junior Foreign money Analyst for DailyFX.com
To contact Daniel, use the feedback part under or @ddubrovskyFX on Twitter