ASEAN Technical Outlook – USD/PHP, USD/SGD, USD/IDR, USD/MYR
Indonesian Rupiah might fall towards the US Greenback, USD/IDR clears development line
Fading draw back momentum undermines declines in USD/MYR and USD/PHP
USD/SGD falls beneath near-term rising help vary, opening the door to fall
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 on Maintain?
As anticipated, the US Greenback superior towards the Indonesian Rupiah from final week as help held round 13,923. Optimistic RSI divergence warned that draw back momentum was fading, leading to an in depth above a descending development line from the start of this 12 months. Further closes above the resistance line maybe supply the affirmation wanted to argue that the USD/IDR might rise within the near-term.
From right here, an ascent would place 14,215 as near-term resistance. Speedy help alternatively is at 14,00zero. A detailed beneath that exposes the horizontal vary of resistance that held final week. For updates on the ASEAN pairs that I’m intently watching within the interim, it’s possible you’ll comply with me on Twitter @ddubrovskyFX.
USD/IDR Day by day Chart
USD/MYR Technical Evaluation – Draw back Momentum Nonetheless Fading
Generally fading draw back momentum might not precede a bullish reversal, such was the case this previous week in USD/MYR. The pair closed beneath a descending help line from September 2018 regardless of this warning sign. Nonetheless, optimistic RSI divergence nonetheless seems on the every day chart under and will nonetheless warrant warning. Good points within the Malaysian Ringgit has uncovered the December 5, 2017 low at Four.05. Speedy resistance seems to be a falling development line from January.
USD/MYR Day by day Chart
USD/SGD Technical Evaluation – Close to-term Uptrend Over?
The US Greenback made upside progress towards the Singapore Greenback since we final checked out USD/SGD. A falling development line from the top of final 12 months was cleared. Resistance held thereafter as a horizontal vary between 1.36118 and 1.36216. Costs have since turned decrease, opening the door to declines within the days forward.
USD/SGD Day by day Chart
Zooming in on the Four-hour chart reveals that USD/SGD closed beneath a rising vary of help, exposing the near-term falling development line from January. It could maintain subsequent as new help. Falling by it could open the door to testing 1.34897 thereafter.
USD/SGD Four-Hour Chart
USD/PHP Technical Evaluation – Will Important Help Maintain?
USD/PHP is testing a important help vary between 51.93 and 52.00. If cleared, the dominant downtrend from October 2018 might resume. Understand that optimistic RSI divergence right here additionally warns that draw back momentum is ebbing, opening the door to a flip increased subsequent. Weak spot within the Philippine Peso would have USD/PHP eyeing a falling development line from January (pink line on the chart under). Ought to help break alternatively, 51.59 could also be focused subsequent (April/Might 2018 lows).
USD/PHP Day by day Chart
**All Charts Created in TradingView
Learn this week’s ASEAN basic outlook to be taught in regards to 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 under or @ddubrovskyFX on Twitter