Technical Analysis

USD/SGD, USD/MYR Might Flip Larger as USD/IDR, USD/PHP Eye Assist

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

US Greenback could also be readying to show larger in opposition to the Singapore Greenback

USD/IDR and USD/PHP look like aiming at acquainted assist once more

Fading draw back momentum undermines declines USD/MYR may even see

We launched our Q1 forecasts for currencies just like the US Greenback within the DailyFX Buying and selling Guides web page

USD/SGD Technical Evaluation – Bullish Reversal Menace Will increase

The US Greenback appears to be getting ready for a bullish push in opposition to the Singapore Greenback. On the USD/SGD every day chart beneath, I highlighted an inverse head and shoulders sample which has been brewing after the pair turned decrease final week as anticipated. That is thought of as a bullish reversal formation. Costs have stopped their descent on the proper shoulder at 1.35237. If this holds, the neckline may very well be focused subsequent at 1.36155.

As all the time, patterns require affirmation. If a every day shut is achieved above 1.36155, the dominant downtrend since November 2018 may very well be susceptible to reversing. Alternatively, a descent opens the door to testing 1.34562 which is the pinnacle of the candlestick formation. For updates on the ASEAN pairs that I’m intently watching within the interim, it’s possible you’ll observe me on Twitter @ddubrovskyFX.

USD/SGD Each day Chart

USD/SGD, USD/MYR May Turn Higher as USD/IDR, USD/PHP Eye Support

USD/IDR Technical Evaluation – Rising Assist Line Break

Initially, USD/IDR made upside progress final week as anticipated after I famous that draw back momentum was fading. Since then, the pair has turned decrease and damaged by way of a rising assist line from earlier this month. This has opened the door to resuming the dominant downtrend since November and has 14000 eyed as instant assist. A detailed underneath that exposes 13923. In the meantime, resistance appears to be at 14215.

USD/IDR Each day Chart

USD/SGD, USD/MYR May Turn Higher as USD/IDR, USD/PHP Eye Support

USD/MYR Technical Evaluation – Resistance Break Fell Brief

Typically breaks above/beneath resistance/assist don’t all the time lead to continuation. This was the case with USD/MYR. Costs pushed by way of a falling development line from January, climbing to resistance slightly below four.0925. Since then, the Malaysian Ringgit appreciated because the pair fell to assist at four.0650. Constructive RSI divergence does sign fading draw back momentum which can precede one other retest of resistance at four.0925.

USD/MYR Each day Chart

USD/SGD, USD/MYR May Turn Higher as USD/IDR, USD/PHP Eye Support

USD/PHP Technical Evaluation – Will Crucial Assist Maintain…Once more?

The Philippine Peso initially depreciated in opposition to the US Greenback final week as anticipated, highlighting the presence of constructive RSI divergence. Nevertheless, USD/PHP turned decrease after key resistance held at 52.50. Basically, latest declines gave the impression to be the results of dovish Fed commentary and a ‘threat on’ buying and selling atmosphere on Tuesday. This has created what seems to be a brand new descending vary of resistance. Close to-term assist stays as an space between 52.00 and 51.93 which can once more stop a push decrease.

USD/PHP Each day Chart

USD/SGD, USD/MYR May Turn Higher as USD/IDR, USD/PHP Eye Support

**All Charts Created in TradingView

Learn this week’s ASEAN elementary outlook to be taught in regards to the underlying drivers for these currencies!

FX Buying and selling Sources

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

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


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